Kerman & Co LLP acted for Niger Uranium Ltd, the uranium focused exploration and investment company with interests in the Republic of Niger, in its recent acquisition of 20,000,000 ordinary shares in Kalahari Minerals Plc from RAB Special Situations Master Fund Limited. As at the date of the acquisition, the stake represented approximately 17.8 per cent of Kalahari Minerals issued share capital, with the shares acquired at a price of 50p per share.
The directors of Niger Uranium believe that the acquisition of a substantial stake in Kalahari Minerals provides Niger Uranium with interests in nearer-term potential uranium production and a diversification of its uranium portfolio into Nambia, a country with a reputation for having a positive approach to the development of mining projects.
Kalahari Minerals is an AIM – listed exploration and development company whose principal asset is a 36.2 per cent interest in Extract Resources Limited, an ASX – listed uranium exploration and development company with uranium exploration licenses in Namibia.
The consideration for the purchase was £10,000,000 which was satisfied by a cash payment of £5,070,00 and the issue of 17,000,000 new Niger Uranium shares.
The Kerman & Co team was lead by Keith Dempster and assisted by Michael Corcoran. Osborne Clark acted for RAB Capital.