The acquired licences are contiguous to the company’s Bea Mountain mining licence and are located close to its producing New Liberty gold mine in Liberia.
As a result of the acquisition, the company’s total land portfolio in Liberia has increased to 1 683 km2 from 1 402 km2.
On initial closing 5 648 310 shares have been issued to Sarama, with the remaining 996 760 shares retained and not issued until the required withholding tax clearance certificate is obtained.
Application has been made to the London Stock Exchange for admission to trading of the first tranche of shares on AIM. It is expected that admission of the first tranche of shares issued to Sarama will become effective around 7 January 2016.
The shares will be subject to a statutory four month hold period from the date of issue (the second tranche of shares will also be subject to a statutory four month hold period from the date of issue).