Zanaga Iron Ore Enters Equity Subscription Agreement; Swung to 2022 Pretax Profit
July 03 2023 - 2:28AM
Dow Jones News
By Anthony O. Goriainoff
Zanaga Iron Ore said Monday it has entered into an equity
subscription agreement with Shard Merchant Capital, or SMC, and
that it swung into pretax profit for 2022 after booking lower
costs.
The London-listed company said that under the agreement it will
issue up to 36 million ordinary shares in up to three tranches of
12 million shares each. It added that SMC will pay 95% of the gross
proceeds of any sale, and that it has the ability to repurchase any
unsold subscription shares from SMC.
The company said that, as an example, should SMC place share at
13.30 pence--this being the closing price on Thursday--the net
proceeds received from SMC would be around 3.2 million pounds ($4.1
million).
Zanaga Iron Ore said pretax profit was $8.1 million for last
year compared with a pretax loss of $1.9 million for 2021.
The company said that total comprehensive income for the year
was $4.7 million compared with a loss of $1.9 million the year
before.
The company booked a $9.1 million gain on revaluation of
investment related to the acquisition of the Glencore stake in the
Jumelles project located in the Republic of Congo.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
July 03, 2023 03:13 ET (07:13 GMT)
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