HIGHLIGHTS
Acquisition of Advanced Gold Projects In Cote D’Ivoire
Odienne Project
Ferke Gold Project
Queensland Gold & Copper
Corporate
Many Peaks entered into a binding Share Sale Agreement (Agreement) with Turaco Gold Limited (Turaco) to acquire its 89% interest in CDI Holdings (Guernsey) Ltd (CDI Holdings). CDI Holdings is an 89% subsidiary of Turaco, held with Predictive Discovery Limited (Predictive), holding an 11% free carry ownership in a joint venture with Turaco. The Agreement will trigger Turaco’s drag-along right in its joint venture with Predictive, whereby Many Peaks will also acquire Predictive’s remaining 11% interest and consolidate 100% ownership of the joint venture entity CDI Holdings.
CDI Holdings is the holding company for two wholly-owned Ivorian entities, including the Ivorian subsidiary party to a joint venture with Gold Ivoire Minerals SARL (GIV Joint Venture) in Cote d’Ivoire in which it has earned a 65% interest and retains an exclusive right to earn-in to an 85% interest by sole funding any project within four mineral licences in Cote d’Ivoire to feasibility study.
The consideration for the purchase of 100% of CDI Holdings will be an aggregate 5,617,978 fully paid ordinary shares in Many Peaks, subject to a 12-month voluntary escrow, to be issued under the Company’s capacity under ASX listing rule 7.1. Upon completion, Many Peaks will also assume a royalty deed for a 1% net smelter return royalty payable to Resolute (Treasury) Pty Ltd (Resolute)—further information on terms and conditions precedent outlined below.
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