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Dalny payment date extended to Oct

Dalny payment date extended to Oct

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22nd August 2014

By: Creamer Media Reporter

  

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JOHANNESBURG (miningweekly.com) – Aim-listed African Consolidated Resources (AFCR) and Falcon Gold Zimbabwe (Falgold) have agreed to another extension for the payment of an outstanding $7.5-million for AFCR’s acquisition of the Dalny mine and associated infrastructure in Zimbabwe.

AFCR now had until October 31 to pay the outstanding amount.

The Aim-listed company announced in June that it would buy the mine from Falgold, which is a subsidiary of New Dawn Mining, for $8.5-million. An initial payment of $1-million had been made, but the payment date for the balance had been extended a number of times.

As a result of the payment date being extended again, AFCR had now agreed to contribute to Falgold’s care-and-maintenance costs at Dalny.

This would occur on a stepped basis, with AFCR to contribute between $250 000 and $1-million to the care-and-maintenance costs, depending on how soon it paid the $7.5-million purchase price.

AFCR reiterated that it remained in discussions regarding financing.

In June, the company indicated that it would raise about $18-million through a mixture of debt and equity to fund the transaction, to bring its Pickstone-Peerless gold project, in Zimbabwe, into production, and to support general corporate purposes.

AFCR added that, in order for the company to continue operating as a going concern, it would require further funding in the third quarter of this year.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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