Zanaga Iron Ore (GB:ZIOC) has released an update.
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Zanaga Iron Ore Company Ltd announced the conditional sale of over 14 million shares and subscriptions by Glencore and Chairman Clifford Elphick at 5.25 pence per share, aimed at repaying the Glencore Loan and positioning the company to be debt-free by July 31, 2024. These strategic moves are expected to support the company’s engagement with potential partners and result in Glencore and Elphick holding 43.17% and 12.23% of the company’s shares, respectively, after the transaction completes on July 4, 2024.
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