Katoro Gold PLC - Tanzania-focused gold and nickel explorer - Receives expressions of interest for funding of Blyvoor joint venture project at amount significantly higher than the peak funding requirement of USD36.4 million.
Expressions include a formal non-binding term sheet for funding, which if agreed to will be enough to fund up to 40% of the funding requirement.
Funding is conditional on Katoro Gold completing and delivering a restated resource and reserve statement for the project, the funders completing a due diligence investigation and the joint venture becoming incorporated, meaning it becomes a new legal entity.
"We are delighted that the company has reached a significant milestone with expressions of interest for Blyvoor funding of an amount significantly more than the peak funding requirement," said Executive Chair Louis Coetzee.
"Despite the challenging conditions faced by all parties during the Covid-19 pandemic, the joint venture partners pushed ahead with the exploration and technical work related to the upgrade of the Blyvoor Project resource and reserve statement and delivery of an independent valuation report. The release of both these documents is imminent and forms an integral part in the final delivery of the Blyvoor funding package," Coetzee added.
Current stock price: 2.34 pence
Year-to-date change: up by more than 100% from 0.93p
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Katoro Gold (KAT)