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Nyota Minerals Ltd Sells 75% Of the stake in Subsidiary To Partner

Thursday, 24 Oct 2013 02:23am EDT 

Nyota Minerals Ltd announced that it is selling 75% of Nyota Minerals (Ethiopia) Limited (Sale), the Company's subsidiary which holds the Tulu Kapi Gold Project in Ethiopia (Tulu Kapi) and proximal exploration licences in Ethiopia (the Subsidiary) to the Partner, who will assume board and management control of that entity. The Company will maintain a 25% shareholding in the Subsidiary and will be required to contribute to the funding of the Subsidiary's exploration activities (in proportion to its pro rata shareholding), save that it will not start contributing to such funding until the Partner releases an updated Mineral Resource statement in respect to the Tuli Kapi Gold Project (which is expected to be issued within six months of the Sale completing). Under the Heads, the Subsidiary has been valued at GBP6 million. Consideration for the 75% shareholding is expected to comprise GBP1 million in cash and the balance of GBP3.5 million in shares in the Partner at an agreed price. 

Company Quote

0.0010 +100.00%
1 Oct 2014