Katoro Gold PLC Blyvoor Gold Project: Interest in Project Funding (4024O)
29 May 2020 - 9:45PM
UK Regulatory
TIDMKAT
RNS Number : 4024O
Katoro Gold PLC
29 May 2020
Katoro Gold plc (Incorporated in England and Wales )
( Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
("Katoro" or "the Company")
29 May 2020
Katoro Gold plc ('Katoro' or the 'Company')
BLYVOOR GOLD TAILINGS PROJECT: EXTENSIVE INTEREST IN PROJECT
FUNDING
Katoro Gold plc (AIM: KAT), the AIM listed gold and nickel
exploration and development company, is pleased to announce an
update with regard to the Company's Blyvoor Joint Venture (the
"JV") in respect of the Blyvoor gold tailings project (the
"Project").
The recent positive announcement of the Blyvoor Scoping Study
saw a significant increase in interest from possible funders,
looking at potentially providing the necessary financing to support
the construction and development of the Project. The Company was
already engaged with a number of potential funders before
announcing the Scoping Study results but received significant
interest subsequently.
Given the increased interest, particularly post announcement of
the Scoping Study results, Katoro Gold Plc, in conjunction with its
JV Partner, believes that it is in the best interests of
stakeholders to allow for sufficient time to duly entertain and
properly consider the funding options/proposals from these
potential funders. It is incumbent on the Company to deliver the
optimum outcome for its shareholders and with the increase in
interest, an additional period will ensure Katoro can ultimately
secure the best possible financing option. With this in mind, the
JV Partners have agreed to a further extension until 30 June
2020.
Significant progress was made over the past month in advancing
the Project at all levels and most notably on the funding
initiatives. The Company and its JV Partner will however continue
to take a pragmatic approach in the further development of the
Project, in what remains an unusual operational environment for
contractual finalisation, with specific reference to financing
arrangements and associated deadlines, given the COVID-19
pandemic.
Louis Coetzee, Executive Chairman of Katoro, said:
"The JV represents a unique and exciting investment opportunity
for the Company with the possibility of significant near-term
revenue generation within a very aggressive timeline.
"To have received 14 expressions of interest to date, despite
the challenging business conditions that COVID19 has caused, is
further validation that the Blyvoor Project is indeed robust and
attractive to potential investors. This also demands that the
Company take all steps necessary to ensure that it can adequately
and responsibly assess, evaluate and consider all available options
and possibilities whilst continuing to advance development at
pace.
"The Company looks forward to updating shareholders on progress
made on the financing deal for the JV Project and appreciate the
patience and support that shareholders have shown in recent
weeks."
Further background details on the Blyvoor Scoping Study and
project are available in the announcements of 30 January 2020 and
07 May 2020 on the Company's website at www.katorogold.com
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014.
**ENDS**
For further information please visit www.katorogold.com or
contact:
Louis Coetzee louisc@katorogold.com Katoro Gold plc Executive Chairman
Bhavesh Patel +44 20 3440 6800 RFC Ambrian Limited Nominated Adviser
Andrew Thomson
Nick Emmerson +44 (0) 1483 413 SI Capital Ltd Broker
Sam Lomanto 500
Isabel de Salis +44 (0) 20 7236 St Brides Partners Investor and Media
Beth Melluish 1177 Ltd 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 rns@lseg.com or visit www.rns.com.
END
MSCFLFSLEFIAFII
(END) Dow Jones Newswires
May 29, 2020 07:45 ET (11:45 GMT)
Katoro Gold (LSE:KAT)
Historical Stock Chart
From Apr 2024 to May 2024
Katoro Gold (LSE:KAT)
Historical Stock Chart
From May 2023 to May 2024