Central Rand Gold (CRG), whose focus is its South African Central Rand goldfields operations, has extended its target sale completion date by another month.
As miningreview.com reported in February this year, CRG signed an non-binding Memorandum of Understanding (MoU) with Huili Resources in relation to the potential sale of the company’s subsidiary CRG (Netherlands Antilles).
Huili Resources is listed on the Hong Kong Stock Exchange and is an investment holding company. Its subsidiaries are principally engaged in the mining, ore processing and sales of nickel, copper, lead, zinc and gold products in the People’s Republic of China.
The completion date for the execution of a binding agreement on 12 June 2015 has now been extended to 15 July 2015 – at the request of both Huili Resources (Group) and Hiria Group Company – both of whom are in the final phase of their respective internal processes.
The CRG Board of Directors believe it is in the best interests of shareholders to accommodate this request given the advanced nature of commercial negotiations with both Huili and Hiria.
The Board does however caution that at this time there can be no certainty that the discussions with both Huili or Hiria will lead to a binding agreement being entered into by either party, nor that the potential sale of CRG will be completed.