Giyani in exclusive negotiations with international energy company
JOHANNESBURG (miningweekly.com) – Southern Africa-focused Giyani Gold has entered into exclusive negotiations with a private international energy company with multiple projects in attractive jurisdictions, including an operating asset in South Africa.
The period of exclusivity for the negotiations, which were an initial step towards a proposed transaction between Giyani and the energy company, would last until the execution of a definitive agreement or July 30, 2014, whichever was earlier.
“Giyani Gold is focused on acquiring significant assets to strengthen our company and reward our shareholders. We have built a strong relationship with the energy company and now that we are in a period of mutually desired exclusive negotiations, we will move quickly to finalise a binding definitive agreement,” Giyani executive chairperson Duane Parnham said in a statement on Monday.
He stated that the portfolio held by the energy company included cash-flow generating operations, as well as projects with significant development potential that would be best advanced by combining the management and technical teams of the two companies.
Giyani added that it had also engaged independent consultant Bertan Atalay to work on the proposed transaction.
“The complete terms and conditions for the potential definitive agreement are still being negotiated and there is no assurance that a definitive agreement will be successfully concluded,” Giyani said, adding that the terms and conditions would be subject to the approval of the boards of directors of both companies.
Any proposed transaction would also be subject to the receipt of all required regulatory and shareholder approvals.
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