Aminex has agreed to secure a loan to pay its capital gains tax in Tanzania in order to move its farm-out plans ahead.
Payment of the tax bill is expected to secure approval for the deal with ARA Petroleum from the Tanzanian authorities. ARA will lend Aminex $2 million, the companies agreed under a non-binding head of terms. The loan will be repaid from the amount ARA was to pay Aminex on completion of the farm-out.
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