Papillon Holdings Plc (LON:PPHP) said it moved one step closer to re-admission to the official list of the London Stock Exchange and a dual listing in Frankfurt after the completion of Mayflower Capital Investments Pty Ltd's acquisition of the Kilimapesa Gold Mine in Kenya.
According to a statement. Mayflower Capital, a global natural resources investment group, completed the acquisition of the Kilimapesa gold mine in Kenya from a Goldplat PLC subsidiary.
Investment company Papillon agreed to acquire the contractual rights from Mayflower. The acquisition is a key part of Papillon’s planned re-admission to the official list, via a reverse takeover, and to trading on the main market of the London Stock Exchange and a dual listing in Frankfurt.
The acquisition was brought forward ahead of completion of a planned reverse takeover between Papillon and Mayflower, and with the aim of reducing the overall transaction risk for Papillon's shareholders and the need for any additional extensions to the transaction with Goldplat.
"We are delighted with the excellent progress made including the accelerated acquisition of Kilimapesa, which significantly de-risks the transaction for our shareholders,” said Papillon's executive director Charles Tatnall.
“The focus for all parties is now on investment activities and operational changes on site at Kilimapesa given the accelerated development and production timelines. We look forward to providing shareholders with further updates on developments in due course regarding advancing the remaining necessary approvals ahead of finalising the Transaction and completing the RTO."
The acquisition allows Mayflower to proceed with planned capital investment activities and operational changes at Kilimapesa ahead of completing the reverse takeover.
Papillon said it continues to advance the reverse takeover with its legal advisors and is looking to finalise the Prospectus which has been submitted to the UK’s Financial Conduct Authority for review.