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Goldplat provides update on Kilimapesa sale

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Global Mining Review,

Goldplat plc, an AIM quoted gold producer with international gold recovery operations located in South Africa and Ghana, has provided an update relating to the sale of the Kilimapesa Gold Mine in Kenya (the transaction).

The company is pleased with the substantial progress that has been achieved over the past month in satisfying a number of key conditions of the transaction. These include: receipt of government consent and approval of the transaction; the execution by all parties of a formal share purchase agreement (SPA); and the submission by Papillon Holdings Plc of the prospectus to the Financial Conduct Authority (FCA), under which Mayflower Capital Investments Pty Ltd will complete its reverse takeover of Papillon and complete the transaction with the Group.

Given this progress and further to its announcement of 23 February 2021, the company can confirm that the completion date of the transaction has been changed from 31 March 2021 to 30 April 2021, subject to the following being completed by 20 April 2021:

  • The FCA’s review of Papillon's prospectus being finalised and the prospectus being lodged.
  • Papillon having released its Notice of Meeting for its shareholders to approve the transaction with Mayflower.
  • The receipt of funding commitments as required by the SPA and the binding term sheet first announced on 31 July 2020 of a minimum of US$4 million; Mayflower, Papillon and its advisors continue to engage with the FCA with respect to obtaining the final approval for the prospectus.

Werner Klingenberg, CEO of Goldplat, commented: "Mayflower and Papillon continue to progress towards Papillon achieving its planned re-admission to the Official List and Goldplat continues to be very supportive and looks forward to completion of the transaction by the end of April 2021."

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African mining news Gold mining news