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Obtala Resources agrees to investor payment terms

Obtala has received full settlement as part of an investment agreement for its timber concessions.

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Obtala still owns and maintains the timber concessions.

Africa-focused agriculture and timber company Obtala Resources (LON:OBT) has agreed to terms for a full settlement of US$900,000 from Basic Materials Limited.

The settlement was part of the investment agreement announced in February and is expected in two tranches.

The initial payment of US$600,000 is expected tomorrow (30 April) and the remainder is due by the end of June.

The funds are part payment for a minority 17.5% shareholding which holds the timber production offtake rights over designated 20,000 hectares.

Three separate investors have agreed to acquire minority shareholding in three newly formed holding companies, holding the production rights for harvested timber.

Obtala still owns and maintains the timber concessions.

Investors will receive a 5% fixed return on their investment, paid biannually.

Shares rose 2.4% to 8.19p.

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