Business
Option to acquire 20% interest in gold assets
Option to acquire 20% interest in gold assets.
About this update from Tooru Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9869I\n RiverFort Global Opportunities PLC\n 17 December 2020\n \n \n \n \n 17 December 2020\n \n \n RiverFort Global Opportunities plc\n \n \n (\"RGO\" or the \"Company\")\n \n \n Option to acquire 20% interest in gold assets with 350,000oz of mineral resources\n \n \n RGO is pleased to announce that it has entered into a conditional term sheet with Kodal Minerals plc (\"Kodal\") to potentially acquire a 20% interest in Kodal's portfolio of gold assets in West Africa which range from early exploration to assets with mineral resources. This investment would enable RGO to provide its investors with more direct exposure to a broader range of alternative assets at valuations that are often lower than the levels available in the public markets.\n \n \n RGO is expecting to invest up to US$1.25 million as part of an overall US$2.5 million funding package, arranged by RiverFort Global Capital Limited, for Kodal to fund the acquisition of the Fatou Gold project in Southern Mali (the \"Fatou Project\") and the development of Kodal's portfolio of gold assets.\n \n \n RGO will initially advance US$150,000 to Kodal prior to the completion of its due diligence and the execution of binding contracts and security arrangements in connection with the proposed investment. Subject to satisfactory due diligence and legal agreements, RGO will then advance, in stages, an additional US$1.1 million of funding to enable Kodal to develop its portfolio of gold assets. In the event that RGO does not proceed with the investment, the US$150,000 advanced will be repayable by Kodal.\n \n \n It is intended that Kodal will seek to realise the value of its portfolio of gold assets by 31 October 2021, at which point RGO can elect for its funding to be repaid, converted into ordinary shares in Kodal or converted into a 20% interest in the vehicle created to hold the Fatou Project and Kodal's other gold assets.\n \n \n The Fatou Project comprises two concessions, the Fininko and Foutière concessions, located 280km south of Bamako, the capital city of Mali. The project forms a contiguous landholding exceeding 300km2 and has been acquired through agreements with local vendors. The Fatou Project is complementary to Kodal's existing activities in southern Mali being 100km to the south of the town of Bougouni and onl...