Goldplat plc Update on sale of Kilimapesa (9577P)
February 23 2021 - 2:00AM
UK Regulatory
TIDMGDP
RNS Number : 9577P
Goldplat plc
23 February 2021
G ol dp lat plc / Ti cker: GDP / Index: AIM / Secto r: M in i ng
& E x p l o rati on
23 February 2021
Goldplat plc
( 'Goldplat', t he 'Group' or 'the Company ')
Update on Sale of Kilimapesa
G ol dp lat pl c, the AIM quoted g o ld p r o ducer, w ith
internati onal g o ld reco very o perati ons l o cated in South Afr
i ca and Ghana, is pleased to provide an update relating to the
sale of the Kilimapesa Gold Mine in Kenya ("Kilimapesa").
Goldplat is pleased to report that formal legal documentation
relating to the acquisition of total issued share capital of
Kilimapesa by Mayflower Gold Investments Limited ("Mayflower Gold")
a wholly owned subsidiary of Mayflower Capital Investments Pty
Limited (the "Transaction") has been signed by all parties. The
formal documentation includes a Share Purchase Agreement ("SPA")
entered into by Gold Mineral Resources Limited ("GMR") (a wholly
owned subsidiary of Goldplat) with Mayflower Gold. The SPA sets out
the terms of the Transaction under which Mayflower Gold will
acquire 100% of the entire issued share capital of Kilimapesa which
holds the licences and assets that form the producing Kilimapesa
Gold Mine and processing operations located in Narok County, Kenya.
The completion date for the Transaction has been changed from 28
February 2021 to 31 March 2021.
A deed of novation and royalty agreement has also been entered
into by GMR and Mayflower Gold. The deed of novation relates to the
transfer of all rights and obligation of GMR in the loan agreement
between GMR and Kilimapesa to Mayflower Gold as described in the
Company's announcement of 31 July 2020. Under the royalty
agreement, GMR has the right to receive a 1% gross net smelter
return royalty subject to a maximum of US$1,500,000 on future gold
produced and sold by Kilimapesa.
Completion of the Transaction remains subject to a number of
conditions being satisfied including, amongst other things:
-- Receipt of various regulatory approvals in Kenya;
-- Approval of Kilimapesa's prospecting license;
-- The completion by Mayflower Gold of the Reverse takeover of
Papillon Holdings plc including a fundraising of at least USD 4
million; and
-- initial consideration to be satisfied by the issue of shares
to that value of GBP1,750,000 in Papillon Holdings Plc or
GBP1,5000,000 in cash payment to GMR;
Werner Klingenberg, CEO of Goldplat commented: "I am pleased to
report that all legal documentation has been signed and that
progress are being made on the number of conditions to be
satisfied."
For further i n fo rmat i on v i s it www .g o ld p lat.com, f o
l l ow on Twitter @GoldPlatPlc or contact:
Werner Klingenberg Goldplat plc Tel: +27 (0) 82 051 1071
(CEO)
Colin Aaronson / Harrison Grant Thornton UK LLP Tel: +44 (0) 20 7383
Clarke/Seamus Fricker (Nominated Adviser) 5100
James Joyce / Jessica WH Ireland Limited Tel: +44 (0) 207 220
Cave (Broker) 1666
Tim Thompson / Mark Edwards Flagstaff Strategic and Tel: +44 (0) 207 129
/ Fergus Mellon Investor Communications 1474
goldplat@flagstaffcomms.com
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