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Debt free Marenica continues to expand its uranium portfolio in the country – MD

Debt free Marenica continues to expand its uranium portfolio in the country – MD

Australian Stock Exchange listed company, Marenica Energy this week on the SENS platform announced that the company is debt free, having eliminated debt of US$1.65 million by the issue of 2.85 million shares to Hanlong Energy Limited at the pre-agreed price of $0.58 per share.

According to Marenica’s Managing Director Murray Hill in the statement the company is now debt free and comfortably funded to continue its strategy of acquiring projects and new tenements with mineralisation amenable to U-pgrade, while continuing to advance the company’s U-pgrade beneficiation process to third-party mining and development projects.

“We have excellent working relationship with the authorities in Namibia and now that we are debt free and cashed up, we can increase our development efforts in Namibia,” he added.

Hill said the company is pleased to be in this position at the same time as Deep Yellow Limited ) is having exploration success at the Tumas Deposit EPL 3497 in Namibia, with some exciting results only 200 metres west of Marenica’s tenement application EPL 6987.

The location of Deep Yellow’s most eastern drill lines (refer Deep Yellow ASX announcements 17 October and 5 November 2018) are shown relative to Marenica’s tenement applications.

Meanwhile, Marenica has now applied for five tenement applications in Namibia, which it believes to be prospective for calcrete-hosted uranium mineralisation.

“All tenement applications are currently undergoing due process with Namibia’s Ministry of Mines and Energy. These applications complement Marenica’s namesake project and the recently acquired Mile 72 project in Namibia,” he added.


 

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Following reverse listing, public can now acquire shareholding in Paratus Namibia

Promotion

20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.