https://www.miningweekly.com

Resolute Signs Noble Deed Of Company Arrangement

29th November 2013

  

Font size: - +

This article has been supplied.

Resolute Mining Limited  (0.05 MB)

Resolute Mining Limited  is pleased to announce thata Deed of Company Arrangement  has been signed regarding Noble Mineral Resources Limited .
Execution of the DOCA will now see Resolute move forward to become the100% owner and operator of the Bibiani gold project in Ghana, subject to
satisfaction of certain outstanding conditions.

The signed DOCA follows the approval of Resolute’s proposal at a meetingof Noble creditors held on 26 November 2013 and is consistent with the draft
agreement released to the market by Ferrier Hodgson, the Voluntary Administrator of Noble, prior to the creditors meeting.Resolute has also entered into an interim funding agreement with the Deed Administrator in order to support the Scheme of Arrangement process with respect to Noble’s Ghanaian subsidiaries.

Resolute will advance US$7million in interim funding, with rights to obtain security on a limited recourse basis, as a means of supporting the Bibiani assets pending approval of the Schemes of Arrangement that are currently progressing in Ghana. With a signed DOCA and interim funding arrangement now in place, two of the key conditions precedents to implementation of the DOCA have been satisfied.

Work will continue towards seeking Ghanaian ministerial consent to the transfer of the Bibiani mining licence to Resolute, if required, and approval of
the Schemes of Arrangement by creditors and the High Court of Ghana. These outstanding conditions precedent to the DOCA are to be satisfied or
waived by 31 March 2014 or such later date as agreed by the Deed Administrator and Resolute. Resolute Chief Executive Officer Peter Sullivan said, “Following approval of our proposal by Noble creditors, we are pleased to have swiftly moved to execution of the DOCA and to have established interim funding arrangements to facilitate a viable way forward for both creditors and the Bibiani project.”

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 
VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.045 1.022s - 113pq - 2rq
Subscribe Now