Corporate Update

RNS Number : 5418K

Katoro Gold PLC

22 December 2022

 

Katoro Gold plc (Incorporated in England and Wales)

(Registration Number: 9306219)

Share code on AIM: KAT

ISIN: GB00BSNBL022

("Katoro" or "the Company")

Dated: 22 December 2022

Katoro Gold PLC ('Katoro' or the 'Company')

CORPORATE UPDATE

Katoro Gold PLC ('Katoro' or 'the Company') (AIM: KAT), the strategic and precious minerals exploration and development company, announces the following corporate update.

Project development and funding

As previously announced on 20^th September 2022, the Company continues to develop and determine the work programme and budget for its joint venture agreement regarding the TNMM iron ore project in Namibia (the "Project"). The further development and work required in order to advance the Project to bankable feasibility status continues to be based on the initial evaluation and review of the substantial amount of historic work done to date on the Project. In addition, the Company has been undertaking due diligence on a number of other potential projects of interest and will seek to provide an update as soon as appropriate should any develop to become tangible opportunities.

As part of the planned and scheduled development of the Project or any other corporate opportunity, the Company will need to raise funds in order to continue progressing its interests and for other general working capital purposes. To this extent the Company will seek to raise further funding during Q1 2023 to also ensure that it continues to operate as a going concern. In this regard the Company is in continuous discussion and consultation with the Company's financial advisors to ensure that the Company has sufficient cash resources.

Nomad

The Company has also, in accordance with the relevant termination clause of the existing Nomad agreement with RFC Ambrian Ltd, received notice that the latter will cease to act as nominated adviser for the Company, with its last day being close of market on 10 January 2023. The Company is at the moment in very advanced discussion with a new nominated adviser with their appointment subject to completion of due diligence. Whilst the Company expects to finalise their appointment ahead of 11 January 2023, pursuant to Rule 1 of the AIM Rules for Companies, the ordinary shares in the Company will be suspended from trading on AIM from 11 January 2023, if it does not appoint a new nominated adviser.

If, following such suspension, the Company fails to appoint a replacement nominated adviser within one month of the date that its shares are suspended from trading on AIM, the admission of the Company's shares to trading on AIM will be cancelled.

There can be no guarantee that the appointment of a new nominated adviser will be successful, but the Company will keep the market informed of any further developments.

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.

**ENDS**

For further information please visit www.katorogold.com or contact:

Louis Coetzee	[e-mail]	Katoro Gold plc	Executive Chairman
Bhavesh Patel /  Andrew Thomson	[phone]	RFC Ambrian Ltd	Nominated Adviser
Nick Emmerson Sam Lomanto	[phone]	SI Capital Ltd	Broker
Zainab Slemang van Rijmenant	[e-mail]	Lifa Communications	Investor and Media Relations Consultant

 

END

 

 

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