Key points
- The board of Namibian Minerals Corp. (Namco) resolved that certain group subsidiaries based in South Africa and Namibia should immediately cease operations.
- The decision followed unsuccessful negotiations with the group’s bankers to secure additional financing.
- Negotiations with the group’s principal shareholders to advance additional financing were also unsuccessful.
- The group said it will advise the market of further developments.
PRINCIPAL SUBSIDIARIES OF NAMCO CEASE OPERATIONS
The board of Namibian Minerals Corp. (Namco) today resolved that certain of the group’s subsidiaries based in South Africa and Namibia should immediately cease operations as the group was unsuccessful in concluding negotiations with its bankers as well as with its principal shareholders to advance additional financing to the group.
The group will advise the market of further developments.
