Aim-listed gold producer Goldplat has provided Mayflower Gold and Papillon an extension to August 23 to complete their readmission to trading on the LSE.
The extension takes place after Papillon was unable to readmit to trading on the LSE by July 16, which meant that the full initial consideration of $1.5-million would have become payable in cash and attract interest of 4% with effect from January 1.
However, Goldplat provided the companies with an extension on July 19, but it did not say why.
The consideration receivable relates to the sale of Kilimapesa to Mayflower Gold Investments, of which Papillon has expressed interest of a proposed reverse takeover, with 30% of the initial consideration payable in cash.
The initial consideration receivable by Gold Mineral Resources, Goldplat's subsidiary, is in the form of a secured debenture of $1.5-million, to be satisfied by cash and/or the issue of shares to that value in Papillon Holdings, payable on Papillon's readmission to trading on the LSE following completion of its proposed reverse takeover of Mayflower Gold.