Avocet Mining PLC COMPLETION OF THE SALE OF RESOLUTE LIMITED (4196E)
February 09 2018 - 2:00AM
UK Regulatory
TIDMAVM
RNS Number : 4196E
Avocet Mining PLC
09 February 2018
COMPLETION OF THE SALE OF RESOLUTE (WEST AFRICA) LIMITED TO THE
BALAJI GROUP
Avocet Mining Plc ("Avocet" or the "Company") announces today
that it has completed the sale of Resolute (West Africa) Limited
("Resolute") to the Balaji group of companies (the "Balaji Group")
for total consideration of USD 5 million.
On 18 December 2017, the Company announced that it had entered
into an agreement to sell all of its assets in Burkina Faso,
including the Inata goldmine, together with certain receivables of
the Company's group to the Balaji Group for a total consideration
of USD 5 million (the "Sale").
Completion of the Sale was expected to occur on 11 January 2018.
At the request of the Balaji Group, completion of the Sale had been
delayed three times, most recently until 8 February 2018, pending
its discussions with a creditor of Resolute.
The transaction involves the assignment of certain intercompany
receivables for cash consideration of USD 2.5 million, to be paid
at completion, and for a consideration of USD 2.5 million to be
satisfied by deferred payments over a period of seven years.
Avocet has received cash proceeds at completion of USD 2 million
received from the Balaji Group. Balaji had already paid USD 500,000
to the Company in the form of a non-refundable deposit.
FOR FURTHER INFORMATION PLEASE CONTACT
Avocet Mining PLC Blytheweigh J.P. Morgan Cazenove
Financial PR Corporate Broker
Boudewijn Wentink, CEO Tim Blythe Michael Wentworth-Stanley
Yolanda Bolleurs, CFO Camilla Horsfall
Megan Ray
+44 20 3709 2570 +44 207 138 3204 +44 20 7742 4000
NOTES TO EDITORS
Avocet Mining PLC ("Avocet" or the "Company") is an unhedged
gold mining and exploration company listed on the London Stock
Exchange (ticker: AVM.L) and the Oslo Børs (ticker: AVM.OL). The
Company's principal activities are gold mining and exploration in
West Africa.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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