Ascent Resources plc said additional bureaucracy had delayed a £1 million direct subscription for shares by future investor Beryl International (Pty) Ltd.
‘GREYLIST’
In February, the company announced a collaboration with Beryl to identify and jointly fund metals opportunities in Latin America and Africa.
Ascent today said that the delay was caused by additional processes needed for international funds transfers out of South Africa following the country’s inclusion to the Financial Action Task Force (FATF)’s ‘grey list’ on 24 February 2023.
The FATF was founded to combat money laundering and terrorism financing.
Beryl’s settlement of the £1 million subscription will now take place in one full tranche on completion of the capitalisation of the Mauritius-domiciled special purpose vehicle created by Beryl for the investment.
Ascent added that Beryl had confirmed it remained committed to fulfilling its obligations and concluding its strategic investment within the next eight weeks.
2 Replies to “Ascent strategic investor’s £1m subscription delayed”
Comments are closed.