Aim-listed gold producer Goldplat is “pleased with the substantial progress” that has been achieved over the past month in satisfying a number of key conditions in the sale of the Kilimapesa gold mine, in Kenya.
Thus far, the company has progressed, taking receipt of government consent and approval of the transaction, the execution by all parties of a formal share purchase agreement and the submission by Papillon Holdings of the prospectus to the Financial Conduct Authority (FCA).
The transaction involves Mayflower Capital Investments completing a reverse takeover of Papillon and completing the transaction with Goldplat.
Goldplat CEO Werner Klingenberg says Mayflower and Papillon continue to progress towards Papillon achieving its planned re-admission to the official list and Goldplat continues to be “very supportive” and looks forward to completion of the transaction.
Given this progress, Goldplat says the completion date of the transaction has been changed from March 31 to April 30, subject to conditions needing to be completed by April 20, including the FCA’s review of Papillon's prospectus being finalised and the prospectus being lodged.
Papillon would also need to release its notice of meeting for its shareholders to approve the transaction with Mayflower.
Further, the receipt of funding commitments is also required by the share purchase agreement and the binding term sheet of a minimum of $4-million; as well as Mayflower, Papillon and its advisers continuing to engage with the FCA with respect to obtaining the final approval for the prospectus.
Goldplat also has gold recovery operations in South Africa and Ghana.