Galane, Vantage extend date by which binding acquisition agreement to be signed
JOHANNESBURG (miningweekly.com) – TSX-V-listed miner Galane Gold and South Africa-focused Vantage Goldfields have agreed to extend the date by which a binding acquisition agreement between the parties will be executed to June 26.
The miners in May signed a letter of intent (LoI) agreeing that Galane acquire all of Vantage’s outstanding shares.
At the time, Galane CEO Nick Brodie said the proposed acquisition would reshape the company into a long-life and low-cost producer. The package includes the beleaguered Lily mine, in Barberton, South Africa, which remains closed after a container, with three employees inside, became trapped following a February 2016 crown pillar collapse.
Vantage’s Barbrook operations also remain suspended, owing to financial difficulties.
However, Galane believed that with the Vantage mines located within 30 km of its existing operations at Galaxy Gold, it would be able to leverage synergies between the mines to create an operating asset in the Barberton area, resulting in a combined resource exceeding 5.8-million ounces.
Earlier this month, Galane said it would issue $20-million to Lily mine business rescue practitioner Rob Devereux to resume rescue operations for the remains of the three employees at the mine, as well as pay workers their outstanding wages and resume operations.
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