Avocet Mining Plc (Avocet) has deferred the sale of Resolute Ltd (Resolute) to the Balaji Group at their request, by five days to 30 January 2018.
On 18 December 2017, Avocet announced that it had entered into an agreement to sell all of its assets in Burkina Faso, including the Inata gold mine, together with certain receivables of the company’s group to the Balaji Group for a total consideration of US$5 million. Completion of the sale was expected to occur on 11 January 2018.
As announced on 11 January 2018, completion of the sale was deferred to 25 January 2018, at the request of the Balaji Group pending its discussions with a creditor of Resolute. Balaji has requested a further deferral of completion of the sale by five days to 30 January 2018 to be able to finalise an agreement with this creditor.
According to Avocet, the terms and conditions of the share purchase agreement, as set out in the announcements of 18 December 2017 and 11 January 2018, have not been materially changed, other than to reflect the deferral of the completion date.