As per the new terms, Emang Mmogo will acquire 30% stake in the project in South Africa by making a total payment of SAR19.8m ($2.13m) in a single transaction after securing Segue shareholders’ approval.
A shareholder meeting aimed at approval of Emang manganese project stake sale is scheduled on 24 July 2013.
However, according to the earlier terms, Emang Mmogo was expected to pay SAR22m ($2.17m) for the proposed stakes in the South African project.
Segue Resources, meanwhile, is keen to repay its outstanding loan facilities of $825,000 using the proceeds from the transaction.
Following the transaction, Segue’s assets comprise 100% ownership in four exploration licences in the Pardoo region of Western Australia, a 12% interest in White Eagle Resources, and about $1.3m in cash.
