Apollo Consolidated Limited (ASX: AOP)
Advised that Canadian-based gold miner Roxgold Inc. (TSX: ROXG) has exercised its pre-emptive right to buy the Company’s royalty interest over the Seguela Gold Project located in central Côte d’Ivoire for a cash consideration of A$20M.
Gold Royalty Corp. (NYSE: GROY) had agreed to buy the royalty from Apollo.
|ASX : AOP
|A$93 m @ 32.5c
|Kalgoorlie, Western Australia
SEGUELA ROYALTY SALE – ROXGOLD EXERCISES MATCHING RIGHT TO ACQUIRE ROYALTY
Apollo Consolidated Limited (ASX: AOP) (“Apollo” or “the Company”) advises that Canadian-based gold miner Roxgold Inc. (TSX: ROXG, “Roxgold”) has exercised its pre-emptive right to buy the Company’s royalty interest over the Seguela Gold Project located in central Côte d’Ivoire (“Royalty”) for cash consideration of A$20M.
As announced on 18 March 2021 the Company had entered into a sale and purchase agreement with Gold Royalty Corp. (NYSEA: GROY) in relation to the Royalty. That agreement was conditional on Roxgold not exercising its rights to match the terms offered by Gold Royalty Corp.
On Roxgold exercising of its pre-emptive right to buy the Royalty, the agreement with Gold Royalty Corp. has been terminated and sale of the Royalty will now proceed with Roxgold as the purchaser, with the consideration receivable by Apollo being unchanged.
The purchase price is expected to be received shortly, and the Company will apply those fund towards its previously disclosed working capital purposes.
Authorised for release by Nick Castleden, Managing Director, Apollo Consolidated.
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