5th Jul 2016 08:19
LONDON (Alliance News) - Kibo Mining PLC on Tuesday said its memorandum of understanding with Lake Victoria Gold Ltd to consolidate the Imweru and Imwelo gold projects in Tanzania will take a further two weeks to finalise.
This is due to a "minor unforeseen delay" in completing compliance and legal work on the follow-on definitive agreement which was anticipated to be in place by June 30.
"The definitive agreement is an administrative step in the process of completing the amalgamation of Kibo's Imweru and Lake Victoria's Imwelo projects. Kibo and Lake Victoria have made significant progress towards finalising the transaction, and the delay referred to above will not have any impact on meeting the agreed project deadlines as we continue to implement the agreed transaction. An update with regard to progress on the Mbeya Coal to Power Project will also follow shortly," Chief Executive Louis Coetzee said in a statement.
The two projects, which are adjacent to each other, will be combined into one company called NEWCO.
Shares in Kibo Mining were trading up 5.0% at 5.38 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Kibo Energy