Board of Shirpur Gold Refinery gives in-prinicple approval for acquisition of 70% stake in Metalli Exploration and Mining, Mali

At meeting held on 24 December 2016

Shirpur Gold Refinery announced that the Board of Directors of the Company at its meeting held on 24 December 2016 have granted in-principle approval to Zee Gold DMCC Dubai, wholly owned subsidiary of the company for acquisition of 70% shareholding rights of Metalli Exploration and Mining, Mali (MEAM or Target Company) for Gold Mines located at Mali.

Zee Gold DMCC will acquire 70% of the shareholding of MEAM for Gold Mines located at Mali from Midas Gems & Jewellery, DMCC, Dubai (Midas) for all cash consideration of approx. not more than USD 7.50 million. The proposed transaction is subject to conditions precedent but would not require any governmental or regulatory approvals and is expected to close within 2-3 months.

 

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