Goldplat PLC and Papillon Holdings PLC - Africa-focused gold producer and London-based asset manager - Completes sale of Kilimapesa Gold Pty Ltd, owner of the Kilimapesa gold mine in Kenya, to Mayflower Gold Investments Ltd. Notes both parties agreed to waive the requirement that Papillon completes its proposed reverse takeover of Mayflower Gold in order to enable early completion. Says the initial consideration is in the form of a secured debenture of USD1.5 million to be satisfied by cash, or the issue of shares to that value, payable on Papillon's re-admission to trading on the London Stock Exchange. A total of USD450,000 of the initial consideration is payable in cash.
"We believe that it was opportune for us to complete the transaction at this stage to allow the Mayflower team to implement their strategic initiatives and to ensure the success of the Kilimapesa mine for all stakeholders involved. This releases Goldplat from any further financial or management requirements and allows us to focus on our continued recovery operations," says Goldplat Chief Executive Werner Klingenberg.
Goldplat current stock price: 7.51 pence
Year-to-date change: down 6.7%
By Zoe Wickens; zoewickens@alliancenews.com
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