Opera Investments plc Statement re Potential Transaction (3493Y)
March 02 2017 - 4:30AM
UK Regulatory
TIDMOPRA
RNS Number : 3493Y
Opera Investments plc
02 March 2017
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION
Opera Investments plc ("Opera")
Update on Proposed Transaction by Opera to acquire the Imweru
and Lubando Gold Projects from Kibo Mining plc ("Kibo")
2 March 2017
Further to the announcements made by Kibo and Opera on 23
September and 2 December 2016, Opera and Kibo are pleased to
announce the following update on the potential transaction by Opera
to acquire the Imweru and Lubando Gold Projects from Kibo ("the
Proposed Transaction"). Opera and Kibo are pleased to confirm that
the transaction documentation in connection to the Proposed
Transaction is nearing completion.
Resource Update on Imweru and Lubando Gold Projects
As part of the Proposed Transaction, under applicable regulation
and commercial requirements, Opera has commissioned an
appropriately qualified expert, Minxcon (Pty) Ltd, to undertake a
Competent Person's Report, an evaluation of the geological assets
to be acquired from Kibo by Opera. As part of this review, the
directors of Opera and Kibo have received an update to the
resources of Imweru and Lubando Gold Projects.
The updated resources are as follows:
Measured Indicated Inferred Total
------------------------ ---------- ---------- --------- --------
Imweru
------------------------ ---------- ---------- --------- --------
Tonnes (millions) - 2.367 9.240
------------------------ ---------- ---------- --------- --------
Grade (g/t) - 1.19 1.43
------------------------ ---------- ---------- --------- --------
Contained Ounces
(Oz) - 90,800 424,310 515,110
------------------------ ---------- ---------- --------- --------
Lubando
------------------------ ---------- ---------- --------- --------
Tonnes (millions) - - 6.78
------------------------ ---------- ---------- --------- --------
Grade (g/t) - - 1.10
------------------------ ---------- ---------- --------- --------
Contained Ounces
(Oz) - - 239,870 239,870
------------------------ ---------- ---------- --------- --------
Total Contained Ounces
(Oz) - 90,800 664,180 754,980
------------------------ ---------- ---------- --------- --------
The information provided in relation to this resource update has
been reviewed and verified by Kibo's qualified person, Noel O'Keffe
B.Sc. (Hons) Geology, PGEO, who is a qualified person for the
purposes of the AIM Rules for Companies.
The final Competent Person's Report will be included in the
admission document to be issued in due course.
Timings
Following the completion of the final aspects of relevant
documentation associated with the Proposed Transaction, the
directors of Kibo and Opera are pleased to report that they are
looking forward to interacting with potential investors in the
coming weeks in order to complete the Proposed Transaction as soon
as possible.
Summary of Proposed Transaction
A summary of the Proposed Transaction is as follows:
-- Subject to the finalisation of the commercial, technical and
legal due diligence, the consideration to acquire the Imweru and
Lubando Gold Projects will be satisfied by the allotment and issue
to Kibo on completion of the Proposed Transaction of 61,000,000
ordinary shares of one pence each in the capital of Opera at a
price of 6 pence per ordinary share immediately following
completion of the Proposed Transaction (and completion of the
fundraising by Opera referred to below).
-- As part of the Proposed Transaction, Opera and Kibo have
agreed that there will be a fundraising by way of the issue of new
ordinary shares in Opera at a price of 6 pence per ordinary share.
Following a detailed review of the costs associated with the future
work programme and operations following the completion of the
Proposed Transaction, the directors of Kibo and Opera have
determined that the minimum fundraising required to complete the
Proposed Transaction will now be GBP1.7million, an increase from
GBP1.2million as announced in September 2016, due to movements in
foreign exchange and other prudent budgetary considerations.
-- As part of the Proposed Transaction, Opera will delist from
the Main Market of the London Stock Exchange and seek admission to
the AIM Market of the London Stock Exchange (AIM) of the enlarged
share capital of Opera.
-- On completion of the Proposed Transaction it is proposed that
Opera will be renamed Katoro Gold Mining plc.
-- Opera had appointed Strand Hanson Limited to act as its
Nominated Adviser and Beaufort Securities Ltd as its broker with
respect to the Proposed Transaction.
Shareholders should note that there remain a number of matters
upon which completion of the Proposed Transaction is
conditional.
Further announcements in relation to the Proposed Transaction
will be made as soon as appropriate.
Paul Dudley, Chairman of Opera, commented: "We thank our
shareholders for their support and will provide updates as
appropriate in due course as we seek to make further progress
towards the completion of the transaction."
Louis Coetzee, CEO of Kibo, said: "We are pleased to be nearing
completion of the above mentioned transaction and looking forward
to see work commence on the Imweru project, as per earlier
announcements in this regard.
We are also particularly pleased with the increase in gold
ounces in the restated resource statements."
Enquiries
Paul Dudley +44 (0) 20 3551 4872 Opera Investments plc
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014
(MAR).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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