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Acquisition of High-Grade Nickel Sulphide Project
Acquisition of High-Grade Nickel Sulphide Project.
About this update from Focus Xplore Plc
[{"type":"text","content":"\n \nRNS Number : 5216I Katoro Gold PLC 26 November 2018 \n\n \nKatoro Gold plc (Incorporated in England and Wales)\n(Registration Number: 9306219) \nShare code on AIM: KAT\nISIN: GB00BSNBL022\n(\"Katoro\" or \"the Company\") \n \nDated: 26 November 2018\n \nKatoro Gold PLC ('Katoro' or the 'Company')\nCompleted Acquisition of High-Grade Nickel Sulphide Project\n \nKatoro Gold PLC (AIM: KAT), the Tanzanian focused exploration and development company, is pleased to announce that further to its announcement of 22 June 2018, it has completed the all-share acquisition of Kibo Nickel Limited and its wholly owned subsidiary, Eagle Exploration Limited (the 'Kibo Nickel Group'), from the Company's majority shareholder, Kibo Energy plc ('Kibo') (the 'Acquisition'), which is the 100% owner of the polymetallic Haneti Nickel Project ('Haneti' or the 'Project') in Tanzania. The Acquisition in line with the Company's strategy to diversify its commodity portfolio. \n \nLouis Coetzee, Katoro's Executive Chairman said, \"Given the strong nickel market fundamentals driven primarily by demand from the electric vehicle and energy storage sectors, Haneti represents an exciting opportunity for Katoro. Covering approximately 5,000 sq. km, to date exploration work totalling approximately US$1.5 million has been undertaken at the Project demonstrating its potential: Previous sample results have included values of 13.59% nickel, 0.25% cobalt, 78 ppb (parts per billion) gold, 413 ppb platinum, 1930 ppb palladium and 927 ppm (parts per million) copper, as well as interesting lithium anomalies. Our focus is now on utilising our decades of experience developing projects in Tanzania to advance a work programme at Haneti in tandem with developing our Imweru gold project located in northern Tanzania.\"\n \nThe Acquisition\n \nUnder the terms of Acquisition, Katoro is satisfying the consideration payable to Kibo of £200,000 by way of an issue to Kibo of 15,384,615 new ordinary shares of £0.01 each in the Company ('Ordinary Shares') ('Consideration Shares') at 1.30 pence, being equal to the placing price of the placing undertaken by the Company in June 2018. The Consideration Shares will rank pari passu with the existing Ordinary Shares. Furthermore, Katoro will pay Kibo ...