[miningmx.com] — Kalahari Minerals, the AIM listed resource company, on Wednesday announced that APAC Resources, a major Hong Kong listed company focussed on natural resource investment opportunities and base metals trading, has agreed to acquire up to a 7.1% interest of its issued share capital.
APAC will pay £29.6m if it takes up the 16 million ordinary shares in
Kalahari being made available by Kalahari’s wholly owned subsidiary Coronet
The company said it intends to use the proceeds from the sale of the shares for general working capital purposes.
Kalahari executive chairperson Mark Hohnen said APAC gave further support to the company’s already strong institutional backing.
He also noted APAC’s invaluable relationships and contacts in the Chinese
commodities market, which he said would further strengthen Kalahari’s exposure to
the Asian resource sector following the strategic shareholding taken in Kalahari by
ITOCHU Corporation in March 2010.
“Our strategy to build our corporate profile with established investors is of
paramount importance to the company at this exciting time in our development,” said Hohnen.