Business
Haneti Polymetallic Project - Commercial Update
Haneti Polymetallic Project - Commercial Update.
About this update from Focus Xplore Plc
[{"type":"text","content":"\n \n \n RNS Number : 1352O\n Katoro Gold PLC\n 28 May 2020\n \n \n \n \n Katoro Gold plc (Incorporated in England and Wales)\n \n \n (\n Registration Number: 9306219)\n \n \n Share code on AIM: KAT\n \n \n ISIN: GB00BSNBL022\n \n \n (\"Katoro\" or \"the Company\")\n \n \n \n \n \n \n \n \n 28 May 2020\n \n \n \n \n \n Katoro Gold plc ('Katoro' or the 'Company')\n \n \n \n \n \n HANETI POLYMETALLIC PROJECT - COMMERCIAL UPDATE\n \n \n \n \n \n Katoro Gold plc (AIM:\n \n \n \n KAT), the AIM listed\n \n gold and nickel exploration and development company, is pleased to provide an update in respect of commercial discussions relating to the Haneti polymetallic project (the 'Project').\n \n \n \n \n \n BACKGROUND:\n \n \n \n \n \n On 15 March 2019 Katoro announced an Investment and Option Agreement whereby Power Metal Resources plc (AIM:POW) (formerly African Battery Metals plc) could acquire up to a 35% interest in the Project. This announcement may be viewed through the following link:\n \n \n \n \n \n \n \n https://polaris.brighterir.com/public/katoro_gold/news/rns/story/rdp9o9r\n \n \n \n \n \n \n \n After due diligence POW duly acquired a 25% interest in the Project on 15 May 2019 and held an option to acquire a further 10% through a payment to Katoro of £25,000 by 15 May 2020, with the option period subsequently extended to 31 May 2020 as announced on 15 May 2020. \n \n \n \n \n \n In recent months Katoro has received approaches with a view to earn-in, joint venture or other similar structures in respect of the Project, with a primary focus on the nickel sulphide potential.\n \n \n \n \n \n It is apparent that to crystallise the interest shown into a potential commercial transaction, it is preferable, and possibly a requirement, for Katoro and POW to restructure ownership of the Project.\n \n \n \n \n \n Katoro and POW have therefore agreed to continue to monitor the development of any potential commercial transaction(s), before any final agreement is agreed upon and to in lieu of this, extend POW's option to increase its holding in the Project to 31 August 2020. This will allow both parties the benefit of further discussions and to carefully consider all available options based on ...