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 LONDON (Thomson Financial) - Cluff Gold PLC said it has entered into a
conditional agreement to acquire the remaining interest in the Baomahun project
in Sierra Leone which it does not already own for about 21.81 mln usd.
The company said it has conditionally agreed with Dumarchel Nominee Ltd and
Ronald Winston to acquire from Winston the 40 per cent interest in the Baomahun
project by issuing 12.39 mln shares.
On completion of the purchase, Winston will pay 1.17 mln usd as full and
final settlement of all monies owed in relation to the Baomahun project.
It said Winston has the option at completion to apply this sum against the
consideration, in which case the purchase amount will reduce to about 20.64 mln
usd to be satisfied by the issue of about 11.73 mln shares.
Chairman and chief executive Algy Cluff said the company plans to continue
drilling until the end of the year, which will be followed by the preparation of
a full feasibility study in 2009.
On Jan 31, Cluff Gold said it had recently completed an earn-in of a 60 pct
interest in the Baomahun prospect by spending 5 mln usd on exploration and
development funding according to the terms of a joint venture deal with the
owner of Baomahun, Winston Mines Ltd.
Cluff
Gold says to buy rest of Baomahun project for 21.8 mln usd | Latest News | News
| Hemscott
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