Business
Completion of Acquisition, Issue of Equity and TVR
Completion of Acquisition, Issue of Equity and TVR.
About this update from Lexington Gold Ltd.
[{"type":"text","content":"\n\n7 September 2023\nLexington Gold Ltd\n(\"Lexington Gold\" or the \"Company\")\n \nCompletion of Acquisition of White Rivers Exploration (Pty) Ltd, \nIssue of Equity, Additional Subscription\nand Total Voting Rights\n \nLexington Gold (AIM: LEX), the gold exploration and development company, further to its announcement of 15 May 2023 and associated circular to shareholders published on 2 June 2023, is pleased to announce, inter alia, the completion of its acquisition of White Rivers Exploration Proprietary Limited (\"WRE\"), an exploration and development company with significant gold assets in South Africa.\n \nAccordingly, WRE has now exited its business rescue process with no creditors other than the Lexington Gold group, and the Company, through its wholly owned subsidiary Lexington Gold South Africa Proprietary Limited, is now the sole shareholder of WRE, with a 26 per cent. interest in WRE to be issued to Lexington Gold's Broad-Based Black Economic Empowerment (\"BBBEE\") partners in due course which will reduce Lexington Gold's remaining interest in WRE to 76 per cent. Capitalised terms in this announcement have the same meanings as ascribed to them in the Company's announcement of 15 May 2023 unless indicated otherwise.\n \nHighlights:\n· Lexington Gold is now the sole ultimate beneficial owner of WRE with a 26 per cent. interest to be issued to Lexington Gold's BBBEE partners in due course which will serve to reduce Lexington Gold's resultant interest in WRE to 76 per cent. Lexington Gold is currently finalising arrangements with a well-known BBBEE group in South Africa and will announce further details when this transfer of a 26 per cent. ownership interest has been completed.\n· In accordance with the terms of the acquisition, Lexington Gold is issuing 36,129,032 new common shares (the \"Initial Consideration Shares\") to settle £2.24 million, representing 35 per cent. of the maximum Lexington Gold Equity of up to £6.4 million to be paid as consideration under the WRE Acquisition and Loan Agreements.\n· The Initial Consideration Shares are being issued at a price of 6.20 pence per new common share (the \"Issue Price\") based on the 30-day VWAP to Tuesday, 5 September 2023 being 2 business days prior to this announcement...