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UK based Nyota Minerals Limited, announced that it has officially sold 75 percent of its stake in Tulu Kapi Gold Project in Ethiopia to KEFI Minerals plc.
In its statement released on December 30, 2013, the mining company said they had transferred three fourths of their share to another UK based company.
It said that the 75 percent stake in the Subsidiary has been sold to KEFI Minerals plc, an AIM-quoted gold and copper exploration and development company with projects in the Kingdom of Saudi Arabia. Nyota and KEFI Minerals are now joint venture partners in the Subsidiary.
Nyota’s remaining 25 percent beneficial interest in the Subsidiary is to remain undiluted by further investment from KEFI Minerals until a revised JORC-compliant resource estimate for Tulu Kapi has been approved.
The Group has received GBP one million in cash and over 107 million ordinary shares (107,081,158) in the capital of KEFI Minerals (‘Consideration Shares’) as compensation for the sale. These Consideration Shares will represent approximately 12.5 percent of the enlarged ordinary share capital of KEFI Minerals, after such shares are admitted for trading on AIM. Nyota had drawn down GBP 285,000 of the GBP 360,000 secured loan facility provided by KEFI Minerals to Nyota Minerals (Ethiopia) Limited and the number of Consideration Shares received was adjusted accordingly, in line with the terms of the sale, to repay this loan.
As previously announced, Nyota will look to raise funding in 2014 in order to fund the Company’s share of the on-going development costs at Tulu Kapi and to carry out a focused exploration program to advance the Company’s Northern Block exploration properties.
Early in December Nyota had disclosed that the company agreed with KEFI Minerals to transfer the dominant stake of the project that the company has in Ethiopia. The latest statement of Nyota indicated that the two parties have concluded their agreement.
The company had the goal of completing additional work at Tulu Kapi and wanted to refine the definitive feasibility study before developing the project in 2015. It has been looking for a development partner for the past several months.
In June this year Nyota disclosed that it has discovered a new gold target on its 100 percent -owned Northern Block (approximately 100km north of Tulu Kapi) and had received an exploration license in western Ethiopia.
The company has revealed that the Boke-West gold in soil anomaly extends for two kilometers and is 500 meters wide.
“We are focused on gold exploration and development in Western Ethiopia, where we have a 25 percent direct interest in the Tulu Kapi gold project, which has a total indicated and inferred JORC-compliant Mineral Resource containing 1.87 million ounces of gold,” Nyota’s official website stated.
The company stated that it has gold targets in the Northern Blocks (approximately 100km north of Tulu Kapi) which the company believes have the potential to become future standalone projects.