Luiri sells Zambia gold project
PERTH (miningweekly.com) – Gold explorer Luiri Gold has divested of Mauritius-based subsidiaries in a deal worth $250 000.
The company said on Wednesday that it had signed a binding sales agreement with mining contractor Bamboo Rock to sell the ownership of its subsidiaries, which hold the Luiri Hill gold project, in Zambia, in exchange for Bamboo taking ownership of Luiri’s liabilities.
Under the terms of the transaction, Bamboo would sole fund the operations of the Zambian subsidiary from May this year, until completion, as well as assume responsibility for all Luiri’s existing current and noncurrent liabilities, as well as its obligation to fund the Shakumbila Trust to the tune of $150 000.
The Luiri Hill gold project consists of two large-scale mining licences covering 277 km2.
The two companies had initially agreed to a joint venture, under which Bamboo would acquire a 75% share in the Mauritian holding companies, with both companies working to develop various alternative funding options.
However, Luiri subsequently concluded that it would not be able to fund its share of development capital to maintain a meaningful interest in the tenement, and as a result had decided to divest of its entire interest in the project.
The company told shareholders that it was now on the hunt for new projects to acquire.
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