Contango Holdings Plc (GB:CGO) has released an update.
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Contango Holdings PLC has signed a term sheet with an investor for a significant partnership in their Muchesu coal project in Zimbabwe, entailing the sale of a 51% stake in the project and a 20% investment into Contango itself. The deal includes a commitment of at least $20M from the investor to enhance Muchesu’s production capacity, and guarantees Contango minimum annual royalties of $2M. This strategic move is set to expand operations and minimize shareholder dilution while positioning the company for future growth.
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