CRG signs MoU with fourth Chinese suitor
JOHANNESBURG (miningweekly.com) – The JSE share price of dual-listed Central Rand Gold (CRG) rose 15.7% on Thursday morning, after the company announced that it had signed a memorandum of understanding (MoU) with a fourth Chinese suitor interested in acquiring its Central Rand Gold Netherlands Antilles (CRGNV) subsidiary.
CRG this week signed an MoU with Huili Resources regarding the potential sale of CRGNV for $150-million.
The South African gold miner had previously signed MoU’s with Hiria Group, Beijing Ankong Investment and Shengbang Jiabo for the possible sale of its subsidiary.
The latest MoU was “substantively consistent” with the terms and conditions of the previously signed MoUs and also set out a proposed purchase price of up to $150-million.
CRG and Huili would seek to enter into a formal sale agreement within four months of the date of the agreement.
In addition, the MoU included a unique provision which entitled Huili Resources, within this four-month period, the right of first purchase within 21 days of a third-party offer being received by CRG for the subsidiary.
However, this provision did not prevent the company from completing diligence and advancing final form documentation for a potential transaction with any or all of the MoU parties.
All MoU parties had been given access to the CRG virtual data room and CRG was aiming to have the necessary due diligence process with all parties concluded by March 31. However, this could be extended to ensure Huili is able to complete the due diligence process.
CRG would also host site visits from a number of the MoU parties this month.
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