leadf
logo-loader
RNS
viewGoldplat PLC

Goldplat plc - Update on the sale of Kilimapesa Pty Limited

RNS Number : 9270X
Goldplat plc
03 September 2020
 

Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration

 

 

3 September 2020

 

Goldplat plc

('Goldplat', the 'Group' or 'the Company')

 

Update on the sale of Kilimapesa Pty Limited ("Kilimapesa")

 

 

 

Goldplat plc (“Goldplat”), the AIM quoted gold producer, with international gold recovery operations located in South Africa and Ghana and an underground mining operation in Kenya, is pleased to provide an update on the sale by its subsidiary, Gold Mineral Resources Pty Limited ("GMR") of 100% of the share capital of Kilimapesa Gold Pty Limited (“Kilimapesa”).  Kilimapesa owns the assets and licences of the Kenyan underground mining operation.

 

As announced on 31 July 2020, GMR has conditionally agreed to sell Kilimapesa to Mayflower Capital Investments Pty Limited ("Mayflower")  for an initial consideration of USD1,500,000 to be satisfied by the issue of shares to that value in Mayflower and that Mayflower has separately entered into an agreement under which it will assign its rights and obligations under the term sheet to a company listed on the London Stock Exchange ("UKco"), which will, subject to the appropriate regulatory and shareholder approvals seek to complete the acquisition and raise a minimum USD4,000,000 of funding for the development of Kilimapesa's operations.

 

The Company can now confirm that UKco is Papillon Holdings plc (LSE: PPHP) ("Papillon"), which has today announced a binding Heads of Agreement for the reverse takeover of Mayflower, including Kilimapesa, and the re-admission of Papillon to the Standard Listing Segment of the London Stock Exchange. The transaction is subject, inter alia, to the completion of due diligence, documentation and compliance with all regulatory requirements, including the Listing and Prospectus Rules and, as required, the UK Takeover Code.

 

Furthermore, Mayflower has paid the USD50,000 exclusivity fee under the binding term sheet and has a team on site in Kenya to progress the transaction.

 

The terms of the agreement between GMR and Mayflower remain unchanged and the agreement is subject to a number of conditions precedent including the completion of due diligence to be conducted by both Mayflower and GMR, the receipt of all necessary approvals, the finalising of formal agreements and the raising of equity by Papillon of at least USD4,000,000.

 

Werner Klingenberg, CEO of Goldplat commented: "We are delighted with the positive progress made by Mayflower to date, specifically the signing of agreement with Papillon. The Mayflower technical management team is on site completing their due diligence and overseeing the start-up of the plant.

 

For further information visit www.goldplat.com, follow on Twitter @GoldPlatPlc or contact:

 

Werner Klingenberg

 

Goldplat plc (CEO)

 

Tel: +27 (0) 82 051 1071

 

 

 

 

 

Colin Aaronson / Harrison Clarke/Seamus Fricker

 

Grant Thornton UK LLP (Nominated Adviser)

 

Tel: +44 (0) 20 7383 5100

 

 

 

 

 

James Joyce / Jessica Cave

 

WH Ireland Limited (Broker)

 

Tel: +44 (0) 207 220 1666

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDGZGGLVFFGGZG

Quick facts: Goldplat PLC

Price: 8.8

Market: AIM
Market Cap: £14.94 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

4 min read