Update on the sale of Kilimapesa Pty Limited (“Kilimapesa”)
Goldplat plc (“Goldplat”), the AIM quoted gold producer, with international gold recovery operations located in South Africa and Ghana and an underground mining operation in Kenya, is pleased to provide an update on the sale by its subsidiary, Gold Mineral Resources Limited (“GMR”) of 100% of the share capital of Kilimapesa Gold Pty Limited (“Kilimapesa”). Kilimapesa owns the assets and licences of the Kenyan underground mining operation.
As announced on 31 July 2020 and 3 September 2020, GMR has conditionally agreed to sell Kilimapesa to Mayflower Capital Investments Pty Limited (“Mayflower”) for an initial consideration of USD1,500,000 to be satisfied by the issue of shares to that value in Papillon Holdings Plc (LSE: PPHP) (“Papillon”).
Papillon today announced that good progress is being made towards completing the Transaction, with Mayflower confirming the completion of its technical and legal due diligence, with positive outcomes.
The terms of the agreement between GMR and Mayflower remain unchanged and the agreement is subject to a number of conditions precedent including the completion of due diligence, the receipt of all necessary approvals, the finalising of formal agreements and the raising of equity by Papillon of at least USD4,000,000.
Werner Klingenberg, CEO of Goldplat commented: “The input from Mayflower’s management on the restart of the operation has been valuable and the resulting gold production is positive for all stakeholders involved. We are delighted with the positive outcome from Mayflower’s due diligence and GMR should be completing their due diligence soon.”
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