London 14 February 2022 - Sumo Resources Plc Business Update

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We have pleasure in providing a brief update of the business activities of Sumo Resources over the past months and the planned actions for the year ahead.

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It has become evident over the past months that it will be extremely difficult to continue with the natural resources business in Africa. This is largely due to the interruption of operations due to the pandemic and our inability to attract capital to invest in the geographical areas where our subsidiary operates.

 

The board is looking for opportunities to refocus the company with a preference for the technology sector. This can take the form of a merger with an existing unlisted technology business, followed by a recapitalization using the listing of the company.

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The process of winding down the natural resources business has started. It will be completed by the end of the 2022 financial year.  Additionally, there are ongoing discussions with various interested parties regarding mergers, reverse takeovers, and recapitalization of the business.

 

We look forward to providing a positive outlook in the coming months. As always, we thank our loyal shareholders for their continued support and patience.