"The sale of its shareholding in Vanmag will result in net proceeds of US$10 million to be received by the Company. As a condition of the sale of its shares in Vanmag, Continental has received irrevocable bank guarantees from the purchasers? South African bank as security for the obligation of the purchaser to pay the acquisition price. The irrevocable bank guarantees are held by Continental's lawyers in South Africa. Financial settlement of the sale now only remains subject to consent from the South African Department of Mineral Resources (DMR) for the acquisition and the transfer of the interest which is expected in the next 6-8 weeks."
8 weeks was up 2 weeks ago and no update.
CCC Price at posting:
39.0¢ Sentiment: None Disclosure: Held
