Dimension Resources fails to get diamond mining co; pretax loss widens
Dimension Resources Ltd. said it failed to get approval from the South African Reserve Bank to acquire a diamond-mining business in South Africa.
The company also said it did not get a company that produces oil for bio-diesel as it could not secure title to company’s assets.
The company reported it widened its full-year pretax net loss due to a 35,000 pounds payment it made in respect of legal due diligence on a proposed acquisition.
The company posted a pretax net loss of 84,421 pounds for the year to Dec.31, 2007, from a pretax net loss of 46,059 pounds the previous year.
Dimension Resurces said it is continuing to look for potential acquisitions.