Business
Renewal of Jelani Right, Issue of Equity & TVR
Renewal of Jelani Right, Issue of Equity & TVR.
About this update from Lexington Gold Ltd.
[{"type":"text","content":"\n\n13 May 2024\nLexington Gold Ltd\n(\"Lexington Gold\" or the \"Company\")\n \nRenewal of Jelani Resources Prospecting Right\nIssue of Equity and Total Voting Rights\n \nLexington Gold (AIM: LEX), the gold exploration and development company with projects in South Africa and the USA, further to its announcements of 15 May 2023 and 7 September 2023 regarding its acquisition of White Rivers Exploration Proprietary Limited (\"WRE\"), is pleased to announce that the prospecting right owned by Jelani Resources Proprietary Limited (\"Jelani Resources\") (the \"Jelani Resources Prospecting Right\") has now been formally renewed until 29 May 2026.\n \nHighlights:\n· The renewal of the Jelani Resources Prospecting Right was a milestone for the issue of, in aggregate, 25,806,451 deferred consideration shares in respect of the Company's acquisition of WRE such that the following new common shares are being issued:\no 19,387,703 shares to Mark Creasy or his nominee; and\no 6,418,748 shares to Sunswell Holdings Pty Limited (\"Sunswell\") or its nominees\n(together, the \"Initial Deferred Consideration Shares\").\n· Further to the issue of the Initial Deferred Consideration Shares:\no Mr Creasy and his nominees will, in aggregate, own 53,254,768 common shares representing approximately 13.35 per cent. of the Company's enlarged issued share capital; and\no Freefire Technology Ltd, one of Sunswell's nominees will own 15,250,947 common shares representing approximately 3.82 per cent. of the Company's enlarged issued share capital.\nEd Nealon, Lexington Gold's Non-Executive Chairman, commented:\n\"We are pleased to announce the successful renewal of the Jelani Resources Prospecting Right and associated issue of the initial tranche of deferred consideration shares linked to the achievement of this key milestone, as per our announcements of 15 May and 7 September 2023 detailing the terms of our acquisition of WRE.\"\nFurther information on the Jelani Resources Prospecting Right & Jelani Resources\nThe shareholders of Jelani Resources are Lorraine Gold Mines Limited and Avgold Limited (both subsidiaries of Harmony Gold Mining Company Limited (JSE: HAR) (\"Harmony\")) (together, the \"Harmony Group\") (35%) and WRE (65%). The Jelani Resources Prospectin...