Apollo Consolidated Limited (ASX: AOP, “Apollo”) has agreed conditional terms for the proposed sale of its 20% interests in Exore Resources Ltd’s (ASX:ERX) Bagoe and Liberty projects in northern Cote d’Ivoire to Ibaera Capital Fund LP.
What are the key highlights?
- Outright conditional sale of 20% interests in Bagoe and Liberty gold projects for US$4.5M cash.
- Funds on completion will supplement March quarter cash reserves of A$16.6M and will allow accelerated drilling and development studies to occur at flagship Lake Rebecca Gold Project in Western Australia.
- Apollo's royalty over the advanced Seguela gold property in central Cote d’Ivoire is not part of sale and is retained by Apollo.
- The sale is subject to Exore (ASX:ERX) not exercising its pre-emptive rights under the terms of the existing joint venture agreement or waiving those rights during a 30-day pre-emption period.