Goldplat, Mayflower extend Kilimapesa exclusivity period to December 31
Gold recovery services company Goldplat says the sales transaction between its subsidiary Gold Mineral Resources (GMR) and Mayflower Capital Investments has progressed well.
GMR has agreed to sell its Kilimapesa mine, in Kenya, to Mayflower for $1.5-million in shares.
Mayflower separately entered into an agreement under which it will assign its right and obligations over Kilimapesa to Papillon Holdings, which will seek to complete the Kilimapesa acquisition and raise $4-million of funding for the project’s development.
Goldplat notes that a number of conditions precedent have been met, including the payment of an exclusivity fee and the finalisation of Mayflower's due diligence.
The parties have now agreed to extend the term sheet and exclusivity period from September 30 to December 31, subject to certain conditions being met by October 30, failing which the exclusivity period will expire on October 30.
These conditions include Mayflower advancing the balance amount of $165 000, which remains outstanding on the agreed $300 000 amount, by October 9, and which has been earmarked to fund the processing of tailings; as well as a draft reorganisation plan for Papillon, the UK entity that ultimately intends holding the Kilimapesa asset.
Other conditions include Mayflower and Papillon providing GMR with all documentation, assistance and responses required to complete the due diligence of Mayflower and Papillon; and a draft LSE listing prospectus and fixed timetable for completion being presented by the end of the month.
Goldplat CEO Werner Klingenberg said the company would “continue to support the acquisition”, which should be finalised by December 30.
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