DealMakers AFRICA

Xtract Resources has entered into an option and joint venture agreement with Oval Mining, who are acting in cooperation with Cooperlemon Consultancy, to earn up to a 70% interest in the Silverking copper mine and accompanying exploration licence 26673-HQ-LEL in the Mumbwa District of the Central Province of Zambia.

Following a thorough strategic review, Old Mutual Nigeria has sold its life and general insurance businesses to the Emple Group. Financial terms were not disclosed. The group confirmed that it would still maintain a presence in the West Africa country through its investment arm, African Infrastructure Investment Managers.

Thor Exploration, the TSX-V and AIM listed exploration company currently advancing the Douta gold project in Senegal to a preliminary feasibility stage, has acquired majority stakes in two licences in southeast Senegal near to the Douta project. Thor has acquired up to an 85% interest in the Douta-West Licence which lies contiguous to the Douta project and an 80% interest in the Sofita Licence which lies approximately 20km south of the gold project.

Ghana’s Zeepay, a remittance and mobile money service company, has raised US$3 million in equity funding from Verdant Capital Hybrid Fund. The capital increase will be used to strengthen its financial position. The company, with licences in Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia and Barbados, is already present in 23 countries.

OAR Resources has signed a binding agreement with Bullrun Capital Inc, Cityscape Asset and Impala Consulting to acquire 100% of Exclusive Prospecting Licences (EPL) 9652 and 9725. The EPLs are located close to Walvis Bay in the Erongo Region of Namibia and are considered highly prospective for in-demand and in-value uranium. In consideration for the EPLs, OAR will pay CAD$125,000 in cash plus four tranches of shares totalling 400,000 fully paid shares at various stages thereafter.

UAE-based Invictus Investment Company plc has completed the acquisition of a 60% stake in Graderco and its subsidiaries from Zalar Holding. No financial terms were disclosed. Graderco is a grain and cereal trading firm in Morocco which imports, stores and trades 2.5 – 3.0 million metric tonnes of grain and grain derivatives for both human and animal nutrition annually.

DealMakers AFRICA is the Continent’s M&A publication
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