Exploring New Frontiers
London 11 October 2022 - Sumo Resources Plc Business Update
We have pleasure in providing a brief update of the business activities of Sumo Resources over the past months and the current activities.
As communicated earlier this year, it has become evident that it will be extremely difficult to continue with the natural resources operations in Africa due to disruptions caused by the pandemic and the inability to attract capital to invest in the geographical areas where our subsidiary operates.
The process of winding down the natural resources business have now been completed and the subsidiaries are dormant. As such there are no further expenses to maintain the active status of these entities.
The board is engaging with interested parties to leverage the listing of the group holding company to create a positive outcome for all shareholders. Outcomes may be in the form of a merger, reverse takeover, or new control shareholders with the capacity to refocus and recapitalize the business.
We look forward to providing a positive outcome in the coming months. As always, we thank our loyal shareholders for their continued support and patience.