Kibo yesterday said that, while the spin-off of its Imweru and Lubando gold projects into a newly renamed and to-be-listed company Katoro Gold Mining remained subject to a number of conditions, the deal was progressing well.
“Both Kibo and Opera have been working hard alongside their professional advisers to process the considerable and appropriate transaction documentation and are pleased with progress to date,” said Kibo CEO Louis Coetzee.
The Tanzania-focused mineral exploration and development company and Opera in September signed a heads of agreement for the unloading of Kibo’s wholly-owned UK subsidiary Sloane Developments for 61-million Opera shares of 1p issued at a price of 6p apiece.
Opera will delist from the main market of the London bourse and the enlarged-share rebranded Katoro will list on the Aim market.
“It is likely that the fundraising required to complete the proposed acquisition will take place early in the New Year and every effort is being made to complete the transaction as soon as possible,” Coetzee noted.