Cape Lambert Resources Ltd (ASX:CFE) has sold its 20% interest in Central African Resources Ltd (CAR) for circa A$550,000.
The company held 20% of CAR which has iron ore tenements in Gabon.
Tony Sage, executive chairman, commented:
“This transaction has enabled the company to increase it’s cash reserves as well as reducing our exposure to iron ore given the current state of that market.”
These funds will be added to the $400,000 from the recent sale of the Ivory Coast gold assets, and the $4 million placement at a 300% premium.
This delivers the company with a strong funding position in still difficult capital markets, and provides the financial leverage for potentially more acquisitions and investments.
Cape Lambert has interests in several exploration and mining companies, providing exposure to copper, gold, uranium, manganese, lithium and lead-silver-zinc assets in Australia, Asia, Europe, Africa and South America.
Added to this is a holding in European Lithium Limited, which is aiming to list on the ASX by way of reverse takeover with Paynes Find Gold Ltd (ASX:PNE).
Cape Lambert owns 26.2% of the pre-raising capital in European Lithium, which is focused on the Wolfsberg lithium project in Austria.
The company's strategy is to acquire and invest in undervalued and/or distressed mineral assets and companies.
Shares in Cape Lambert last traded at $0.025, of 67% higher than where the company started the year.
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