Katoro agrees to extension of first payment from Lake Victoria Gold
Aim-listed Katoro Gold has agreed to a further extension, to October 31, of the first payment from Lake Victoria Gold (LVG) in respect of the Imweru gold project.
The payment of the first tranche of monies due to Katoro under the term sheet of $50 000 was initially scheduled for September 27.
Katoro last month announced the proposed disposal of its Imweru gold project for a total staged cash consideration of up to $1-million and a 1.5% net smelter royalty.
The proposed disposal is said to be reflective of Katoro's evolved strategy to develop a portfolio of assets focused on the battery metals sector.
Katoro on Monday explained that, in terms of the first payment, it understood that LVG had completed its due diligence investigations and that the parties subsequently agreed to the extension to the payment deadline to allow the sale and purchase agreement for Imweru to proceed.
Katoro executive chairperson Louis Coetzee said the proposed disposal provided the company “with significant upside and brings accelerated development potential” to the company’s Imweru gold project.
The company may also vend its Lubando gold project and other gold interests to LVG, subject to additional terms that remain under discussion, Katoro added.
"To be able to reinvigorate and monetise our gold portfolio is a positive step, allowing us to benefit from our gold interests while building our activities in the battery metal sector,” Coetzee concluded.
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