JOHANNESBURG (miningweekly.com) – Aim- and AltX-listed African Eagle Resources on Wednesday announced that it had agreed to sell “substantially all” its subsidiaries, assets and liabilities to a company ultimately owned by shareholder Nick Clarke and his family trusts.

Blackdown Resources, a subsidiary of Cienega S.a.r.l, would buy the African Eagle assets for $100 000.

African Eagle, which said on Monday that former chairperson Euan Worthington’s winding up petition against the company had been withdrawn, stated that the decision to sell its assets comes on the back of limited investment appetite for the development of nickel laterite projects.

The firm announced in May that it would stop funding to its Tanzania subsidiaries beyond renewal and maintenance expenses.

A June 26 restructuring incorporated Blackdown Minerals as a new subsidiary of the company, in preparation for its potential sale to Blackdown Resources. Blackdown Minerals is now the holding company for substantially all the assets and business of African Eagle, including, but not limited to, the Dutwa nickel licences, the Zanzui nickel and cobalt project, the Igurubi and Msasa licences, as well as the 50% interest in the Miyabi gold project.

Following the completion of the transaction, African Eagle would retain a 10% shareholding in Blackdown Minerals.

“The directors consider that it is in the best interests of the company and its shareholders to proceed with the disposal to provide greater opportunities to generate capital for the company, and to remove its liabilities connected to Blackdown Minerals,” African Eagle said.

The company would now adopt an investing policy and would focus on the natural resources, infrastructure and services sectors.

Completion of the disposal remained subject to approval by the shareholders of African Eagle, as well as written consent by the relevant mining licensing authority in Tanzania, after which it would be reclassified as an investing company under the Aim Rules.

As at July 1, the company had cash of £567 144.