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Acquisition of High-Grade Nickel Sulphide Project

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RNS Number : 5216I
Katoro Gold PLC
26 November 2018
 

 

Katoro Gold plc (Incorporated in England and Wales)

(Registration Number: 9306219) 

Share code on AIM: KAT

ISIN: GB00BSNBL022

("Katoro" or "the Company") 

 

Dated: 26 November 2018

 

Katoro Gold PLC ('Katoro' or the 'Company')

Completed Acquisition of High-Grade Nickel Sulphide Project

 

Katoro Gold PLC (AIM: KAT), the Tanzanian focused exploration and development company, is pleased to announce that further to its announcement of 22 June 2018, it has completed the all-share acquisition of Kibo Nickel Limited and its wholly owned subsidiary, Eagle Exploration Limited (the 'Kibo Nickel Group'), from the Company's majority shareholder, Kibo Energy plc ('Kibo') (the 'Acquisition'), which is the 100% owner of the polymetallic Haneti Nickel Project ('Haneti' or the 'Project') in Tanzania.  The Acquisition in line with the Company's strategy to diversify its commodity portfolio. 

 

Louis Coetzee, Katoro's Executive Chairman said, "Given the strong nickel market fundamentals driven primarily by demand from the electric vehicle and energy storage sectors, Haneti represents an exciting opportunity for Katoro.  Covering approximately 5,000 sq. km, to date exploration work totalling approximately US$1.5 million has been undertaken at the Project demonstrating its potential:  Previous sample results have included values of 13.59% nickel, 0.25% cobalt, 78 ppb (parts per billion) gold, 413 ppb platinum, 1930 ppb palladium and 927 ppm (parts per million) copper, as well as interesting lithium anomalies.  Our focus is now on utilising our decades of experience developing projects in Tanzania to advance a work programme at Haneti in tandem with developing our Imweru gold project located in northern Tanzania."

 

The Acquisition

 

Under the terms of Acquisition, Katoro is satisfying the consideration payable to Kibo of £200,000 by way of an issue to Kibo of 15,384,615 new ordinary shares of £0.01 each in the Company ('Ordinary Shares') ('Consideration Shares') at 1.30 pence, being equal to the placing price of the placing undertaken by the Company in June 2018.  The Consideration Shares will rank pari passu with the existing Ordinary Shares.  Furthermore, Katoro will pay Kibo a 2% royalty on any sales revenue (less transportation and refining costs) in respect to nickel or nickel concentrates.

 

The 5,000 sq. km polymetallic Haneti Nickel Project in Tanzania is a highly prospective, high-grade nickel sulphide asset.  Previous work totalling approximately US$1.5 million has identified stellar grades of up to 13.59% nickel with additional gold, cobalt, platinum credits and some significant lithium anomalies.  Additionally, independent work, undertaken by Western Geophysics Pty, underlines the potential of the Project for substantial nickel sulphide deposit.  The Company now intends to implement its own work programme to further confirm Haneti's prospectivity. 

 

Total Voting Rights

 

Application will be made for the Consideration Shares to be admitted to trading on AIM.  Trading in the Consideration Shares is expected to commence on AIM on or around 03 December 2018 ('Admission').  Following Admission, the Company shall have 149,447,825 Ordinary Shares in issue and this figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

 

On Admission, Kibo will hold 82,987,179 Ordinary Shares in the Company, representing 55.53% of the enlarged share capital of the Company.

 

**ENDS**

 

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.

 

For further information please visit www.katorogold.com or contact:

 

Louis Coetzee

 

[email protected]

Katoro Gold plc

Executive Chairman

Richard Tulloch

Ritchie Balmer

Frederick Twist

 

+44 (0) 20 7409 3494

Strand Hanson Limited

Nominated Adviser

Ben Tadd

Tom Curran

 

+44 (0) 203 7000 093

SVS Securities

Broker

Isabel de Salis

Gaby Jenner

+44 (0) 207 236 1177

St Brides Partners Ltd

Investor and Media Relations Adviser

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Price: 1.05

Market: AIM
Market Cap: £1.89 m
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