Toronto-based Lencourt (TSE) has failed to raise the $5 million needed to purchase a 72% stake in Zairean mining company Sominki and its Belgian subsidiary Cogemin S.A. Lencourt said due diligence studies confirmed the merits of the companies and the various properties. But the Toronto company was unable to raise the required funds due to general conditions in the equity markets.
Lencourt also attributed its failure to raise the funding before the option expired Nov. 1 to the tighter credit environment and the perceived risk on behalf of institutions to investing in Africa.
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