Business
Update re Joint Venture with Blyvoor
Update re Joint Venture with Blyvoor.
About this update from Focus Xplore Plc
[{"type":"text","content":"\n \n \n RNS Number : 9689D\n Katoro Gold PLC\n 25 February 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 25 February 2020\n \n \n \n \n \n Katoro Gold plc ('Katoro' or the 'Company')\n \n \n \n \n \n UPDATE RE BLYVOOR JV AND DRAW DOWN OF THE SANDERSON FACILITY\n \n \n \n \n \n Katoro Gold plc (AIM:\n \n KAT), the \n AIM listed\n \n gold and nickel \n exploration and development company\n , is pleased to provide a progress and financing update in respect of the Company's Blyvoor JV (the 'JV'), a near term gold production opportunity announced on 30 January 2020 ('the Announcement').\n \n \n \n \n \n Further details on the Agreement, the JV\n ,\n the Tailings \n and the funding \n are set out in the Announcement, \n which can be viewed at the following link:\n \n \n \n \n \n \n \n https://polaris.brighterir.com/public/katoro_gold/news/rns/story/x43nzkw\n \n \n \n \n \n \n \n Highlights:\n \n \n · \n Commercial and technical development of the Blyvoor Project progressing well, with work done to date achieving successful outcomes and validating the JV business plan\n \n \n - \n good progress has been made in respect of the feasibility work, definitive plant design and related test work to update and optimise historical work\n \n \n · \n JV management committee and newly appointed JV Manager, Graham Briggs, are fully operational and overseeing progress\n \n \n · \n Pursuant to the Agreement, Katoro to provide a ZAR15.0 million (approximately £790,000) loan to the JV to fund ongoing development work ('the Loan Facility')\n \n \n - \n ZAR5.0 million (approximately £263,000) has already been advanced\n \n \n - \n to fund accelerated Project development activities, Katoro expects to advance the remaining ZAR10.0 million (approximately £527,000) in the near term\n \n \n · \n To fund the Loan Facility, and as previously announced, Katoro issued a convertible loan note to SI Capital clients for £397,000 and secured the right to an additional £400,000 through Sanderson Capital Partners Ltd ('Sanderson')\n \n \n · \n Katoro has now issued notice t...