Papillon Holdings PLC Transaction Update on Acquisition of Kilimapesa (8679R)
March 11 2021 - 2:00AM
UK Regulatory
TIDMPPHP
RNS Number : 8679R
Papillon Holdings PLC
11 March 2021
Papillon Holdings plc / Index: LSE / Epic: PPHP / Sector:
Investment
11 March 2021
Papillon Holdings Plc ('Papillon' or the 'Company')
Acquisition of the Kilimapesa Gold Mine - Transaction Update
Papillon Holdings plc, the London listed investment company, is
pleased to provide an update relating to the Company's agreement
with Mayflower Capital Investments Pty Limited ('Mayflower') on the
purchase of the Kilimapesa Gold Mine in Kenya ('Kilimapesa' or the
'Mine') (the 'Transaction'). The completion of the Transaction is a
key component of the Company's planned re-admission to the Official
List by way of a Reverse Take Over and to trading on the Standard
Segment of the Main Market of the London Stock Exchange and
contemporaneous dual listing on the Frankfurt Stock Exchange.
Further to the announcement of 23 February 2021, the Company has
received notification from Mayflower that in accordance with
Section 51(6), (7) and (8) of the Mining Act no. 12 of 2016,
consent to the proposed acquisition by Mayflower of Kilimapesa has
been provided by the Ministry of Petroleum and Mining (the
'Consent').
Mayflower has also notified the Company that the Competition
Authority of Kenya has provided confirmation that the proposed
acquisition by Mayflower of Kilimapesa has been declared excluded
from the provisions of Part IV of the Competition Act No. 12 of
2010 (the 'Exclusion').
Receipt of the Consent and confirmation of the Exclusion are key
conditions to the Company's agreement with Mayflower in respect to
the Reverse Take Over and represent satisfaction of further key
conditions of Mayflower's agreement with Goldplat plc and Gold
Mineral Resources Limited to acquire Kilimapesa.
Papillon's executive director Charles Tatnall comments: "The
Transaction continues to progress well with several key components
having been achieved in recent weeks; it is very pleasing that
consent to the acquisition of Kilimapesa has been received by the
Ministry for Petroleum and Mining and this marks a major milestone
in our journey to acquiring the Mine and thus securing the
potential value upside of an operating gold mine for our
shareholders.
"Receipt of the confirmation from the Competition Authority in
Kenya is another positive development and stands us in good stead
to push forward with the remaining necessary approvals ahead of
finalising the Transaction and completing a Reverse Take Over in
due course. I look forward to providing further updates as the
Transaction continues to move through the processes required."
Further Information
Kilimapesa Gold Mine
Kilimapesa is an established, permitted and operating gold mine
with current gold sales and successive gold pours in 2021.
Operations recommenced in 2020 after a period of 18 months on care
and maintenance following the remedy of several historic issues and
the plant continues to operate and gold sales are continuing under
existing gold refining agreements in Europe. Additionally,
underground mine operations have commenced which have resulted in
higher grade ore now feeding the plant. Upon completion of the
Transaction and the RTO, Caracal Gold plc will hold an 100%
interest in the producing Kilimapesa Gold Mine in Kenya which
currently has a 671,446oz JORC Compliant resource and a
well-defined mining optimisation strategy in process.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310 ("MAR"). With the publication of this
announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain.
** ENDS **
For further information visit www.papillonholdings.com or
contact the following:
Papillon Holdings plc info@papillonholdingsplc.com
Charles Tatnall / James Longley
Mayflower Capital Investments info@mayflowercapinvest.com
Pty Limited
Gerard Kisbey-Green / Jason
Brewer
-----------------------------
Novum Securities Ltd (Broker) crowbury@novumsecurities.com
Colin Rowbury
-----------------------------
St Brides Partners Ltd (Financial info@stbridespartners.co.uk
PR)
Isabel de Salis / Charlotte
Hollinshead /
Cosima Akerman
-----------------------------
DGWA, the German Institute for info@dgwa.org
Asset and
Equity Allocation and Valuation
(European Investor and Corporate
Relations Advisor)
Stefan Müller / Katharina
Löckinger
-----------------------------
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