Aim-listed Goldplat has advised that formal documentation relating to Mayflower Gold Investment’s acquisition of the Kilimapesa project, in Kenya, has been signed by all parties.
The formal documentation includes a share purchase agreement entered into by Gold Mineral Resources (GMR) – a wholly-owned subsidiary of Goldplat – and Mayflower Gold – a wholly-owned subsidiary of Mayflower Capital Investments.
The Kilimapesa project holds licences and assets that form the producing Kilimapesa gold mine and processing operations.
Goldplat envisions completion of the transaction by March 31, following regulatory approvals in Kenya, approval of Kilimapesa’s prospecting licence and the payment of an initial consideration of $1.5-million in cash to GMR, or shares to the value of $1.7-million in Papillon Holdings.
Mayflower Gold is undertaking a reverse takeover of Papillon, including a fundraising of $4-million.
GMR retains a 1% gross net smelter return royalty on the project.