RiverFort Global Opportunities PLC Option to acquire 20% interest in gold assets (9869I)
17 Dicembre 2020 - 08:58AM
UK Regulatory
TIDMRGO
RNS Number : 9869I
RiverFort Global Opportunities PLC
17 December 2020
17 December 2020
RiverFort Global Opportunities plc
("RGO" or the "Company")
Option to acquire 20% interest in gold assets with 350,000oz of
mineral resources
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.
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.
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.
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.
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
300km(2) 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 only 30km to the west of the Nangalasso Gold Project.
The Fatou Project is an advanced project with previous exploration
defining preliminary mineral resource estimates and Kodal considers
the project to have excellent exploration prospects that are drill
ready and have potential to expand the defined zones of gold
mineralisation. Historic exploration has been completed by
AngloGold Ashanti and Rockridge Capital Corp ('Rockridge'), a
Canadian listed company, which explored the project from 2010 to
2014 resulting in a preliminary mineral resource estimate exceeding
350,000 ounces gold for the Fatou Main prospect.
Further information on Kodal can be found on the company's
website which is www.kodalminerals.com.
Phillip Haydn-Slater, Non-executive Chairman commented:
"We are pleased to be gaining additional exposure to the gold
sector as a follow-on investment to the funding that we provided
earlier this year to Tanzanian Gold Corporation. We are very
pleased to be helping to fund Kodal with the option for us to
obtain a direct interest in a very exciting gold project."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For more information please contact:
RiverFort Global Opportunities
plc +44 20 3368 8978
Phillip Haydn-Slater,
Non-executive Chairman
-----------------
Nicholas Lee, Investment
Director
-----------------
Nominated Adviser +44 20 7628 3396
-----------------
Beaumont Cornish
-----------------
Roland Cornish/Felicity
Geidt
-----------------
Joint Broker +44 20 7186 9950
-----------------
Shard Capital Partners
LLP
-----------------
Damon Heath/ Erik Woolgar
-----------------
Joint Broker +44 20 7562 3351
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Peterhouse Capital Limited
-----------------
Lucy Williams
-----------------
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