The British company, whose chief executive Andrew Cranswick was last month declared bankrupt, announced last week that it was issuing 600 000 new ordinary shares valued at 60 000 to Jonathan Samkange, a partner in the law firm who has represented ACR in its long-drawn legal battle against the Harare authorities.
The subscription proceeds have been used to satisfy fees payable to the firm in which Jonathan Samkange is a partner in respect of legal fees relating to the Company’s dispute in relation to its diamond claims at Marange, ACR said in a notice to shareholders.
It said an application would be made for the admission of the new shares to trade on the Alternative Investment Market (AIM) of the London Stock Exchange.
CR is locked in a long-running legal battle to regain control of the Marange fields also known as Chiadzwa from the government-run Zimbabwe Mining Development Corporation which has already parcelled out ACR claims to South African and Chinese companies.
Zimbabwes Mines Minister Obert Mpofu in March declared that the London-based mining firm controlled by one white man would never mine diamonds at Marange as long as he was in charge of the ministry.
Mpofu accuses Cranswick of leading a campaign to block Zimbabwes bid to officially sell diamonds from Chiadzwa.
Post published in: News