Papillon Holdings PLC Transaction Update (5623T)
March 26 2021 - 2:00AM
UK Regulatory
TIDMPPHP
RNS Number : 5623T
Papillon Holdings PLC
26 March 2021
Papillon Holdings plc / Index: LSE / Epic: PPHP / Sector:
Investment
26 March 2021
Papillon Holdings Plc ('Papillon' or the 'Company')
Acquisition of the Kilimapesa Gold Mine - Transaction Update
Papillon Holdings plc, the London listed investment company, is
pleased to provide an update relating to the Company's agreement
with Mayflower Capital Investments Pty Limited ('Mayflower') on the
purchase of the Kilimapesa Gold Mine in Kenya ('Kilimapesa' or the
'Mine') (the 'Transaction'). The completion of the Transaction is a
key component of the Company's planned re-admission to the Official
List by way of a Reverse Take Over ('RTO') and to trading on the
Standard Segment of the Main Market of the London Stock Exchange
and contemporaneous dual listing on the Frankfurt Stock
Exchange.
Further to the announcement of 11 March 2021, Mayflower and the
Company have signed the formal share purchase agreement in respect
of Mayflower Gold (the 'Share Purchase Agreement'). This is another
key condition to the Company's agreement with Mayflower in respect
to the RTO and represent satisfaction of further conditions of
Mayflower's agreement with Goldplat plc and Gold Mineral Resources
Limited to acquire Kilimapesa. Signing has enabled Papillon to
continue moving through the Transaction process towards completion
of the RTO.
The Financial Conduct Authority (the 'FCA') is actively engaged
in finalising Papillon's Prospectus and the Company is assured that
the review is advancing well.
Operations at the Mine are also progressing positively, with
underground mining operations and developments ongoing. High grade
underground ore has been stockpiled and is being processed through
the plant used historically by Goldplat for its gold pours and
processing and from which the gold dore is exported to Europe for
refining and sales.
Papillon's executive director Charles Tatnall comments: "The
Transaction continues to progress well, with Papillon and Mayflower
having signed the Share Purchase Agreement, which paves the way
towards the RTO; this is a major milestone in our journey to
acquiring Kilimapesa and thus securing the potential value upside
of an operating gold mine for our shareholders. To the credit and
hard work of the various teams, several other key components have
been achieved in recent weeks including consent to the acquisition
of Kilimapesa by the Ministry for Petroleum and Mining and receipt
of the confirmation from the Competition Authority in Kenya.
"On the ground in Kenya, operations continue at the Mine and we
look forward to providing an update in due course. In the meantime,
we are in a strong position to complete the RTO process in the
internal time frame we set ourselves and I look forward to
advancing the remaining necessary approvals ahead of finalising the
Transaction and completing the RTO."
Further Information
The Kenyan based Kilimapesa Gold Mine is an established,
permitted, and operating gold mine with current gold sales and
successive gold pours in 2021. Operations recommenced in 2020 after
a period of 18 months on care and maintenance following the remedy
of several historic issues and the plant continues to operate and
gold sales are continuing under existing gold refining agreements
in Europe. Additionally, underground mine operations have
commenced, which have resulted in higher grade ore now feeding the
plant. Upon completion of the Transaction and the RTO, Caracal Gold
plc will hold an 100% interest in the Mine, which currently has a
671,446oz JORC Compliant resource and a well-defined mining
optimisation strategy in process.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310 ("MAR"). With the publication of this
announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain.
** ENDS **
For further information visit www.papillonholdings.com or
contact the following:
Papillon Holdings plc info@papillonholdingsplc.com
Charles Tatnall / James Longley
Mayflower Capital Investments info@mayflowercapinvest.com
Pty Limited
Gerard Kisbey-Green / Jason
Brewer
-----------------------------
Novum Securities Ltd (Broker) crowbury@novumsecurities.com
Colin Rowbury
-----------------------------
St Brides Partners Ltd (Financial info@stbridespartners.co.uk
PR)
Isabel de Salis / Charlotte
Hollinshead /
Cosima Akerman
-----------------------------
DGWA, the German Institute for info@dgwa.org
Asset and
Equity Allocation and Valuation
(European Investor and Corporate
Relations Advisor)
Stefan Müller / Katharina
Löckinger
-----------------------------
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END
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