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BRIEF-African Energy Resources updates on Mmamanstwe project sale

Published 21/09/2015, 07:20 pm
© Reuters.  BRIEF-African Energy Resources updates on Mmamanstwe project sale
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Sept 21 (Reuters) - African Energy Resources Ltd AFR.AX :

* Additional information on mmamantswe project sale AFR.AX

* A gain will be derived by the company on net sale consideration received in excess of the current carrying value of approximately US$3.3M

* Will be paid initial US$10M if project bid is shortlisted by South Africa's department of energy

* Says no changes to the board or senior management are proposed as a consequence of the completing the sale

* Developer will form a bid consortium

* Says will receive a second payment of US$10M if and when the project reaches financial close

* Gain will be derived by co on net sale consideration received in excess of current carrying value of about US$3.3M

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