Ezenet disposes of non core investments ahead of Chilean exploration push

Ezenet (ASX:EZE), to be renamed Oro Verde Limited, has disposed of non core investments in local and international companies to realise over $700,000 cash.

The company recently received $630,570 from the sale of 72,392 shares held in TSX listed Dundee Precious Metals Inc. The DMP shares were received at no cost to the company as an in-specie distribution for Ezenet's significant holding (18,281,800 shares) in AIM listed copper producer Weatherly International Plc (AIM: WTI).
The sale constitutes a “bonus” profit for Ezenet shareholders.

Ezenet also sold 16,666 shares in Allied Gold (ASX:ALD) for $47,602 and is shortly expected to receive a further $45,000 from the sale of 60,000 shares in AIM listed Island Gas Ltd.

The sale of the shareholdings in DMP, IGAS and Allied Gold will add more than $700,000 to the Company’s 31 August cash position of $1,082,000, keeping the Company in a strong financial position to pursue the acquisition of its Chilean projects which will underpin its future and the change of activities to a mineral resource company.

Ezenet's chairman and managing director Dr Wolf Martinick said he was "happy with the results of the sale of some of Ezenet’s non-core share investments which have been realised on a profitable basis.

"This keeps the Company in a solid financial position to pursue its exciting Chilean mineral exploration projects at Chuminga and Vega and to complete its change of activities to a mineral resources company.

Apart from holding approximately $1.8 million in cash, we have no debt and have the benefit and comfort of our 18.27 million shares in Namibian copper producer WTI, (currently valued in excess of $2.1 million).

"As well as the 78,609 shares held in the recently floated AIM listed lead/zinc exploration company China Africa Resources, currently valued at approximately $31,600.”

Originally published at: http://www.proactiveinvestors.com.au/companies/news/19867/ezenet-disposes-of-non-core-investments-ahead-of-chilean-exploration-push-19867.html