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African Metals sells off all mining assets, plans to revive company

African Metals Corp. completed the sale of all of its assets, but the deal will not result in a change of business or reverse takeover.

The proceeds of the sale will be used to reinstate the company's corporate standing, bring its books and records back to good order, hold an annual general shareholders meeting, and apply to have the cease trade order, dated Dec. 1, 2016, revoked.

African Metals' shares were suspended from trading by the British Columbia Securities Commission after the company failed to file its audited financial statements and related documents.

The company is also settling all of its current secured and unsecured debts and liabilities, it said Jan. 3.

African Metals expects to be left with about US$1.8 million following the debt settlement, and plans to use it to look for further, currently unknown business opportunities.

In May 2018, the company agreed to sell its dense medium separation plant and its stake in the mining rights, ore mined, and real estate in the Democratic Republic of the Congo, to Excellen Minerals SARL and Simeon Tshisangama.