Goldplat PLC - AIM-listed Africa-focused gold producer - Provides an update on sale of Kilimapesa to Mayflower Capital Investments Pty Ltd. Has now agreed to extend the term sheet and exclusivity period again, from December 31 to February 28. Value of consideration shares to be issued has been increased from USD1.5 million to USD1.8 million and an option that can be exercised by Mayflower has been included for consideration to be paid in cash of USD1.5 million rather than shares.
Mayflower has separately entered into an agreement under which it will assign its rights and obligations under the term sheet to Papillon Holdings PLC.
"Both parties are encouraged with the steady progress made, albeit slower than originally expected, due to delays outside both parties control and Goldplat remains confident in Mayflower's ability to complete transaction. We continue to receive the benefit of the Mayflower management team at Kilimapesa," says Chief Executive Werner Klingenberg.
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By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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