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Kibo Mining's gold assets to list as Katoro on 23 May

Published: 05:40 05 May 2017 EDT

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Katoro wil start trading on 23 May

Kibo Mining PLC’s (LON:KIBO) listing of its Imweru and Lubando gold mining assets in Tanzania is to take effect on 23 May.

A reverse takeover of Opera Investments is the method for the deal with the name of the company to be changed to Katoro Gold PLC to reflect the new business focus.

The total consideration for Imweru and Lubando is £3.66mln and the ticker for the company LON:KAT. Opera is also raising £1.5mln through the issue of 25mln new shares at 6p.

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Following the listing, Kibo will own 57.1% of Katoro with its board to comprise Louis Coetzee as executive chairman and Myles Campion, Paul Dudley and Tinus Maree as non-executive directors.

Kibo Gold, the former incarnation, reported an operating loss of £62,420 for 2016 and has a book value value of £1.7mln.

Opera shareholders have to approve the deal at a meeting on 22 May.

Paul Dudley said:  "The completion of the proposed transaction will be transformational for Opera and we are pleased, subject to Shareholder approval, to have finalised the AIM admission process.  

Louis Coetzee added:  "We are pleased to have raised the necessary funding to advance the Imweru project and are looking forward to commencing the feasibility study and drilling following Admission."

 

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