"African Metals Corporation (“AFR”) is pleased to announce that it has executed a binding agreement to develop the Luisha South copper and cobalt project located in the Katanga Provence of the DRC, with XinXing Development Group Company Limited (“XXP”) of Beijing, China.
Under the terms of the agreement XXP has the right to subscribe for 19.9% of AFR’s issued and outstanding capital through a private placement of up to CAN$1.8 million, subject to regulatory approval. Shares will be subscribed for at the agreed price of CAN$0.053 per share, representing an approximate 43.3% premium to current market price."
Xinxing is active. First $10 million to a Labrador Trough iron ore junior, then $1.8 million to a copper project in Africa (both TSX-V plays).
If XinXing were serious about the Roche Bay project negotiations they would have at least provided interim funding sometime in the last year. Last XinXing money directly for Roche Bay was announced in October 2011. Not a cent since.