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Wednesday, 9 July 2014

Gold miner sheds Ethiopian shares

Nyota Minerals, the Australian gold explorater focused on East Africa, has entered a conditional agreement with KEFI Minerals (KEFI) to sell Nyota's remaining 25% direct interest in the Tulu Kapi Gold Project in Ethiopia for an aggregate consideration of BPD1,5-million comprising BPD750 000 in cash and 50 million new ordinary shares in KEFI.

Following the KEFI distribution, Nyota’s shareholding in KEFI will be zero, leaving Nyota with no interest, either direct or indirect, in the Tulu Kapi project and the proximal licences. The company’s remaining exploration asset will be the 100% owned licences, known as the Northern Blocks.