Business
Update re Agreement with African Battery Metals
Update re Agreement with African Battery Metals.
About this update from Focus Xplore Plc
[{"type":"text","content":"\n \nRNS Number : 1491Z Katoro Gold PLC 15 May 2019 \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: 15 March 2019\n \nKatoro Gold PLC ('Katoro' or the 'Company')\n \nInvestment and Option Agreement with African Battery Metals\n \nKatoro Gold PLC (AIM: KAT), the Tanzanian focused exploration and development company, is pleased to announce that it has entered into an investment and option agreement (the \"Agreement\") with AIM quoted African Battery Minerals Plc (\"ABM\") (LON:ABM).\n \nUnder the Agreement ABM will be able to acquire up to 10 million new ordinary shares of 1.0 pence each in the capital of the Company (\"Ordinary Shares\"), together with up to 10 million warrants over Ordinary Shares, and an option to acquire, subject to the completion of due diligence by ABM, up to a 35% interest in Company's 100% owned Haneti Nickel Project (\"Haneti\") in Tanzania (the \"Option\") for a total consideration of up to £125,000.\n \nHighlights:\n· For a consideration of £25,000, ABM will acquire 2,500,000 new Ordinary Shares (the \"Tranche 1 Shares\"), equating to an issue price of 1.0 pence per share. On admission of such shares, ABM will be interested in 1.56% of Katoro's then enlarged issued share capital;\n- ABM will also be granted 2,500,000 warrants to subscribe for 2,500,000 new Ordinary Shares at a price of 1.25 pence per share with a three year expiry term from today's date;\n· Under the Agreement, ABM has been granted the Option, a period of 60 days in which to undertake due diligence on Katoro and its projects, in particular Haneti. If ABM exercises the Option, ABM will invest a further £75,000 to acquire an additional 7,500,000 new Ordinary Shares at a price of 1.0 pence per share (the \"Tranche 2 Shares\") and \n- Together with the Tranche 1 Share, on admission of the Tranche 2 Shares, ABM will then be interested in 5.95% of Katoro's then enlarged share capital;\n- ABM will also be granted a further 7,500,000 warrants to subscribe for 7,500,000 new Ordinary Shares at a price of 1.25 pence per share with a thre...