FOR IMMEDIATE RELEASE
Friday, February 28, 2014
Johannesburg, South Africa, Harare, Zimbabwe, Vienna, Austria, Tokyo, Japan – February 28, 2014 – The Board of African Compass International Limited (“ACI” or the “Company”) are pleased to announce the Company’s direct, wholly-owned subsidiary, African Compass International Investments and Holdings (“ACI Vienna”), has executed a Sale and Purchase Agreement (the “SPA”) to acquire 100% of the Gabon JV manganese and niobium assets from its local strategic partner.
These Gabon assets include the JV HOA executed between the parties on February 04, 2014, whereby ACI had the right to acquire a hundred percent (100%) interest in the manganese and niobium claims originally held by the local strategic partners and optioned to ACI Austria.
Pursuant to the Agreement, ACI Austria will pay an undisclosed amount per the executed NDA for the assets and the local strategic partner will transfer 100% of its interest, right and title in those assets to ACI Austria. Final closing of the Agreement is expected to take place on or before April 11, 2014.
About ACI
African Compass International (“ACI”) is a global diversified private natural resources company in frontier, emerging/established emerging and developed markets. The Group farms, explores, sources, refines and produces, inter alia, agriculture products, base metals, ferrous & non-ferrous metals, minor metals, platinum group metals, precious metals, oil & gas and commercial energy. Our diversified operations in Africa, South America and Eurasia are supported by offices in Austria, Canada, Japan and Zimbabwe. ACI always seeks partnerships with all its stakeholders that will add value to projects at hand based on the core values of honesty, integrity and vision.
Supporting Resources: please visit www.africancompassinternational.com; follow @Afrikancompass on Twitter, or join ACI on LinkedIn.
For and on behalf of the Company’s Board
Julian RUPARE, Jr.
CEO & Chair
GLOSSARY OF TERMS:
The following are the main terms and abbreviations used in this webnews:
ACI African Compass International Limited and/or its subsidiaries, as appropriate
Agreement Share and Purchase Agreement
Board Board of Directors
CEO Chief Executive Officer
CG Chief Geologist
CLO Chief Legal Officer
Company African Compass International or African Compass International Limited
COO Chief Operating Officer
HOA Heads of Agreement
JV Joint Venture
NDA Non-Disclosure Agreement
SPA Sales and Purchase Agreement
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African Compass International
Johannesburg | Harare | Vienna | Tokyo
Directors J Rupare Jr (CEO) C N Rupare (COO) U Mazunga (CLO) V M S Correia (CG)
