I think there is some explaining to do15 Dec 2021 09:30
Today.....
Pan African is pleased to advise shareholders that the Company has entered into a conditional agreement to acquire the entire issued share capital of Blyvoor Gold Operations (Pty) Ltd (Blyvoor Operations) from Blyvoor Gold (Pty) Ltd (the Transaction
and on the 30th Jan 2020
Katoro has entered into a binding conditional agreement to form a 50/50 unincorporated joint venture ('JV') with Blyvoor Gold Operations (Pty) Ltd ('Blyvoor') and its holding company, Target Mine Consulting (Pty) Ltd ('Target' and, together with Katoro and Blyvoor, 'the JV Partners').
Katoro Loan to the JV
Pursuant to the Agreement, Katoro is to provide a ZAR15.0 million loan (approximately £790,000) to the JV ('the Katoro Loan Facility'), which will fund ongoing development work on the Project, with a first payment of ZAR5.0 million (approximately £263,000) ('the Initial Tranche') due to be paid by 3 February 2020 ('the Initial Tranche').
The JV Partners may drawdown the balance of the Katoro Loan Facility, being ZAR10.0 million (approximately £527,000) ('the Additional Tranches'), as required prior to completion of project level financing. All amounts drawn down constitute a loan to the JV by Katoro and are provided on the terms outlined below.
I'm f*****g lost, how can PAF enter a conditional agreement with Blyvoor Gold Operations (Pty) when KAT has a binding conditional agreement already in place and drawn down up to ZAR15 million already.
Some serious explaining required, which of course we won't get.