Africo completes C$4.0 million equity financing with IFC
/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES
OR TO U.S. NEWS AGENCIES/
TORONTO, Nov. 28 /CNW/ - Africo Resources Ltd is pleased to announce
that, further to its news release of November 16, 2007, it has completed a
private placement with the International Finance Corporation (IFC), a member
of the World Bank Group, for gross proceeds of C$4,000,000. Africo has issued
to the IFC 1,731,602 common shares and a Warrant entitling the IFC to purchase
up to 1,731,602 common shares at a per share exercise price of C$2.89 until
November 27, 2012, subject to accelerated exercise or expiry under certain
circumstances.
Proceeds from the financing will be added to working capital and will
mainly be used by Africo to support the development of the Kalukundi copper
cobalt project located in the Katanga province in the Democratic Republic of
Congo.
Note for editors:
Africo Resources Ltd is a Canadian mineral company, committed to
developing, acquiring and exploring for base metal and gold assets in Africa.
The company's main project is Kalukundi, a development stage copper-cobalt
deposit located in the Katangan Copper Belt in the Democratic Republic of
Congo (DRC). The development team has an operational base in the DRC, with the
company corporate offices located in Vancouver, Canada. The company listed on
the Toronto Stock Exchange in December 2006.
Forward-looking statements:
This news release contains certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical fact, that address events or developments that Africo
expects to occur, are forward looking statements.
Forward looking statements are statements that are not historical facts
and are generally, but not always, identified by the words "expects", "plans",
"anticipates", "believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. Although Africo believes the expectations expressed
in such forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results may
differ materially from those in forward looking statements. Factors that could
cause the actual results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration success,
continued availability of capital and financing and general economic, market
or business conditions. Investors are cautioned that any such statements are
not guarantees of future performance and actual results or developments may
differ materially from those projected in the forward-looking statements.
Forward looking statements are based on the beliefs, estimates and opinions of
Africo's management on the date the statements are made. Other than as
required by law, Africo undertakes no obligation to update these
forward-looking statements in the event that management's beliefs, estimates
or opinions, or other factors, should change.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS,
IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE
AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES
HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND
MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S.
PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
For further information: Dr Tony Harwood, President and CEO, on tel:
+27(11) 463-0081; Chris Theodoropoulos, Chairman, on tel: (604) 646-3225; Bill
Cavalluzzo (Investor Relations) on tel: (416) 265-8049; Charmane Russell
(Investor Relations) on tel +27(11) 880-3924
