The sale of the project comprises SAR10m ($1.1m) for shareholder approval expected by late May 2013, SAR5m ($552,320) towards mining right application on 30 September 2013 and SAR7m ($773,248) for securing mining right for the project or 30 June 2014.
Segue stated that the project was sold following its failure in raising funds to meet its expenditure commitments and also to gross the value it created in the project.
Meanwhile, the proceeds from the first payment from Emang Mmogo will be forwarded to repay Segue’s outstanding loan facilities of $750,000.
Emang, located in the Postmasburg Manganese Field, covers 1,668 hectares within the western limb of the field between Sishen and Postmasburg in the Northern Cape Province.
