Kibo Mining signed a heads of agreement (HoA) with Opera Investment in September for the sale of the Imweru and Lubando gold projects by way of a share issue.
To date, both Kibo Mining and Opera have been working hard alongside their professional advisers to process the considerable and appropriate transaction documentation and are pleased with progress to date.
Kibo Mining said it is likely that the fundraising required to complete the proposed acquisition will take place early in the new year and every effort is being made to complete the transaction as soon as possible.
The company pointed out that a number of matters that are conditional to the proposed acquisition remain and are expected to be successfully completed in due course.
On completion of the proposed transaction it is proposed that Opera will be renamed Katoro Gold Mining, with a board of directors that will initially comprise three directors nominated by Kibo and two directors nominated by Opera.
“We are very pleased with the significant progress that has been made towards finalising the Imweru /Lubando transaction, alongside the considerable progress made on advancing the Mbeya coal-to-power project,” says Kibo Mining CEO Louis Coetzee.
Kibo Mining is listed on the AIM market in London and the AltX in Johannesburg. The Company is focused on exploration and development of mineral projects in Tanzania, and controls one of Tanzania’s largest mineral right portfolios.