ACR extends Dalny payment date

ACR extends Dalny payment date
Published: 03 July 2014
AIM-listed multi-commodity resource development company African Consolidated Resources (ACR) has extended the date for payment of the outstanding consideration of $7,5 million for the purchase of Falcon Gold's Dalny Mine.

The date has been moved from July 22 to July 30. The development comes as the buy-out of Dalny Mine is set to be presented to Falgold's shareholders for approval at an extraordinary general meeting penciled for July 29.

ACR yesterday announced that Falgold had informed them that the Listings Committee of the Zimbabwe Stock Exchange has determined that the proposed sale by Falgold of Dalny Mine and associated infrastructure requires approval by Falgold shareholders.

"ACR announces that Falcon Gold Zimbabwe Ltd has informed the company that the Listings Committee of the Zimbabwe Stock Exchange has determined that the proposed sale by Falgold of Dalny Mine and associated infrastructure requires approval by Falgold shareholders at an extraordinary general meeting, which is anticipated to be held on 29 July 2014.

"The company understands this to be a formality in view of the intention by New Dawn Mining Ltd to vote in favour of the sale in respect of its 84 percent shareholding in Falgold."

In order to accommodate the decision of the Listings Committee and the Falgold EGM, Falgold has requested, and ACR has agreed, to extend the date for payment of the outstanding consideration (being a net cost of $7,5 million) from 22 July to 30 July 2014," said the Zimbabwe-focused company in a statement.

On the 16th of last month, AFCR announced the conditional agreement to purchase Dalny Mine subject to conditions precedent and further on 18 June 2014 that a circular had been sent to shareholders giving notice of a general meeting to be held on 4 July 2014 in order to request approval to allow directors to allot sufficient shares with a disapplication of statutory pre-emption rights to secure the funding necessary to acquire the mine and to bring the company's Pickstone Peerless Gold Project in Zimbabwe to fast-tracked production.
- BH24
Tags: ACR, Dalny,

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