Kazera Global PLC on Friday said it has received cleared funds from Hebei Xinjian Construction, with a further payment expected tomorrow.

Under the terms of the agreement for the sale of its shares in African Tantalum (Proprietary) Ltd, the diamond and rare earths explorer was to receive an initial payment of $500,000 by the end of December 2022.

To date, the company has received cleared funds of $385,869, and expects a further $700,000 tomorrow, which it said was more than twice the due amount.

‘The accelerated payment is a very welcome indication that Xinjian is a highly committed purchaser and would like to take ownership of Aftan sooner rather than later. As previously announced, ownership of the shares does not pass until the inter-company loan has been repaid and the equity consideration has been paid,’ said Chief Executive Officer Dennis Edmonds.

On Thursday, the company announced that its annual results would not be published before the end of the year, due to delays at its wholly-owned subsidiary African Tantalum.

Results for the financial year that ended June 30 are now expected during February.

As a result, the company’s shares will be suspended from trading on AIM in London from Tuesday next week, the first trading day of 2023.

Kazera Global shares closed 0.97 pence each in London on Friday.

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