Goldplat plc Update - Preliminary Results & Sale of Kilimapesa (6955A)
October 01 2020 - 1:00AM
UK Regulatory
TIDMGDP
RNS Number : 6955A
Goldplat plc
01 October 2020
G ol dp lat plc / Ti cker: GDP / Index: AIM / Secto r: M in i ng
& E x p l o rati on
1 October 2020
Goldplat plc
( 'Goldplat', t he 'Group' or 'the Company ')
Update on preliminary results announcement and the sale of
Kilimapesa Gold
G ol dp lat pl c ("Goldplat"), the AIM quoted g o ld p r o
ducer, w ith internati onal g o ld reco very o perati ons l o cated
in South Afr i ca and Ghana and an underground m i ning operation
in Ken ya, is p leased to provide an update on the publication of
its preliminary results for the year ended 30 June 2020 and 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.
Annual Results
The results for the year ended 30 June 2020 are expected to be
released towards the middle of October 2020.
Sale of Kilimapesa Gold ("Kilimapesa")
As announced on 31 July 2020, it has been 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
Papillon Holdings plc (LSE: PPHP) ("Papillon"), which is listed on
the London Stock Exchange and 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 terms of the agreement between GMR and Mayflower 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 at least USD4,000,000 of funding which will be used
towards meeting capital and working capital costs for the planned
re- commencement of mining and processing operations.
The transaction has progressed well, with number of conditions
precedent being met, specifically the restart of the operation,
payment of exclusivity fee and finalisation of Mayflower's due
diligence. The parties have now agreed to extend the term sheet and
exclusivity period from 30 September 2020 to 31 December 2020
subject to the following conditions having been met by 30 October
2020, failing which the exclusivity period will expire on 30
October 2020, but can be waived and amended at GMR's sole
discretion;
-- Mayflower advancing the balance of the amount of USD 165,000
which remains outstanding on the agreed amount of USD 300,000 by 9
October2020, which has been earmarked to fund the processing of
tailings.
-- Preparation by 9 October 2020, of a draft reorganisation plan
for Papillon, the UK entity which ultimately intends holding the
Kilimapesa asset.
-- Mayflower and Papillon providing GMR with all documentation,
assistance and responses required by GMR to complete the due
diligence of Mayflower and Papillon by 30 October 2020.
-- A draft LSE listing prospectus and fixed timetable for
completion being presented by 30 October 2020.
Werner Klingenberg, CEO of Goldplat commented: "We are delighted
that the sale process with the Mayflower team is progressing well
and we will continue to support the acquisition which should be
finalised by 30 December 2020, whilst we build on the valuable
contributions made by the Mayflower team to the operation.
We are also looking forward to sharing the financial results for
the year ended 30 June 2020"
For further i n fo rmat i on v i s it www .g o ld p lat.com, f o
l l ow on Twitter @GoldPlatPlc or contact:
Werner Klingenberg Goldplat plc Tel: +27 (0) 82 051 1071
(CEO)
Colin Aaronson / Harrison Grant Thornton UK LLP Tel: +44 (0) 20 7383
Clarke/Seamus Fricker (Nominated Adviser) 5100
James Joyce / Jessica WH Ireland Limited Tel: +44 (0) 207 220
Cave (Broker) 1666
Tim Thompson / Mark Edwards Flagstaff Strategic and Tel: +44 (0) 207 129
/ Fergus Mellon Investor Communications 1474
goldplat@flagstaffcomms.com
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