Kibo Mining PLC (LON:KIBO) expects a financing package for its gold mine operations in Tanzania to be agreed by early next year.
The junior is working on a reverse takeover that will see the gold deposits at Imweru and Lubando reversed into AIM-listed shell company Opera Investments.
Heads of Terms were agreed in September and Kibo said today it was likely the fundraising required to complete the deal will take place early in the New Year.
There remain a number of matters that the acquisition is conditional upon, Kibo added.
Louis Coetzee, Kibo‘s chief executive said significant progress had been made towards finalising the deal.