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Afriag Global – after-hours placing….or was it Doriemus?

By Nigel Somerville | Wednesday 13 September 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

NEX-lobster pot listed Afriag (AFRI) slipped out a 4.45pm placing announcement last night – a no-one-is-watching o’clock special, raising enough to keep the lights on but not much more. But there seems to have been a spot of confusion over which company was issuing the RNS. Was it Afriag or fellow David Lenigas company Doriemus (DOR) – also of the NEX province?

The £200,000 raised should keep the lights on for a while – and certainly enough to issue the company’s interim results (due this month), so that is good news.

With both companies under the same executive chairman and both sporting Peterhouse Corporate Finance as their NEX corporate adviser perhaps it is all too complicated to be consistent over which company we are talking about – the confusion being caused by David Lenigas noted as having signed off….as chairman of Doriemus, rather than Afriag. Oops.

Incidentally, the same error was made in the company’s previous RNS, which described how a joint venture with LGC Capital (QBA on the TSXV)  - better known as the ex-Lenigas Cuba outfit – which acquired (or rather, is to acquire) a 60% interest in South Africa’s House of Hemp (for medical reasons, honest guv!).

With the paperwork on that deal seemingly complex, Afriag and LGC are committed to funding C$37,000 a month while they sort out the technicalities, so perhaps that is the reason for the fundraise.

With Afriag and LGC having formed that JV one imagines the negotiations involved David Lenigas negotiating with, er, David Lenigas. But perhaps it was David Lenigas of Doriemus vs David Lenigas of Anglo African Agriculture (AAAP), so that's alright then.

I think I might need a bit of that cannabis myself.

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