Goldplat plc Update on Sale of Kilimapesa (3955K)
January 04 2021 - 2:45AM
UK Regulatory
TIDMGDP
RNS Number : 3955K
Goldplat plc
04 January 2021
G ol dp lat plc / Ti cker: GDP / Index: AIM / Secto r: M in i ng
& E x p l o rati on
04 January 2021
Goldplat plc
( 'Goldplat', t he 'Group' or 'the Company ')
Update on the sale of Kilimapesa
Goldplat plc ("Goldplat"), the AIM quoted gold producer, with
international gold recovery operations located in South Africa and
Ghana and an a held for sale underground mining operation in Kenya,
is pleased to provide an update on the sale of Kilimapesa.
As announced on 31 July 2020, it has been conditionally agreed
by Goldplat's subsidiary Gold Mineral Resources Ltd ("GMR") 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 standard segment of 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 the Company's subsidiary,
Gold Mineral Resources Pty Limited ("GMR") and Mayflower are
subject to a number of conditions precedent including the
completion of due diligence being 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.
As announced on 1 October 2020, the term sheet was extended to
31 December 2020 based on certain conditions. The parties have now
agreed to extend the term sheet and exclusivity period again, from
31 December 2020 to 28 February 2021. The value of the
consideration shares to be issued has been increased from
USD1,500,000 to USD1,750,000, and an option that can be exercised
by Mayflower has been included for considerationto be paid in cash
of USD1,500,000 rather than shares. The extension is also dependent
on Papillion creditor deeds being executed by 15 January 2021, a
majority of Papillon shareholders confirming pre-approval of the
proposed reverse takeover by 20 January 2021 and GMR to being put
in a position to complete due diligence by 25 January 2021.
To date, from signing of initial terms Mayflower has supported
Kilimapesa with a subordinated loan of USD400,000 and has committed
to support Kilimapesa with a further USD100,000, if required,
before completion of transaction.
Werner Klingenberg, CEO of Goldplat commented: "Both parties are
encouraged with the steady progress made, albeit slower than
originally expected, due to delays outside both parties control and
Goldplat remains confident in Mayflower's ability to complete
transaction. We continue to receive the benefit of the Mayflower
management team at Kilimapesa.
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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