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Afcon braced for cash cliff hanger

By Robert Tyerman | Wednesday 25 June 2014


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.


Roy Pitchford, veteran of the central African mining scene, is relishing the challenge that awaits him on 4 July, when shareholders in Zimbabwe-focused African Consolidated Resources (AFCR) will vote on proposals to raise $18 million (£10.6 million) to accelerate the country’s Pickstone Peerless 3.5 million-oz. gold project in Mashonaland. ‘This will be a company maker’, insists Pitchford, Afcon’s chief executive officer only since May, who suggests the decision will hinge on 28.6 per cent shareholder, the Gulf emirate of Ras Al Kaimah (RAK) -- if RAK votes yes or abstains, all will be well.


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