Papillon Holdings PLC - investment company - Signs a binding heads of agreement with Mayflower Capital Investments Pty Ltd to acquire some contractual production and exploration rights held by Mayflower in two gold assets. Papillon will buy entire Kilimapesa gold mine in Kenya and a 70% stake in Kakamoeka gold project in Congo Brazzaville. The acquisitions are expected to provide the company with near term gold production and considerable value upside potential from resource expansion and mine optimisation at Kilimapesa, in addition to uplift through the delivery of exploration and development milestones at Kakamoeka.
Current stock price: 1.33 pence
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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