Update on Kodal Option

RNS Number : 0254T

RiverFort Global Opportunities PLC

22 March 2021

 

22 March 2021

RiverFort Global Opportunities plc

("RGO" or the "Company")

Option to acquire 20% interest in gold assets with 350,000oz of mineral resources

On 17 December 2020, the Company announced that it has entered into a conditional term sheet with Kodal Minerals plc ("Kodal") to potentially acquire a 20% interest in Kodal's portfolio of gold assets in West Africa which range from early exploration to assets with mineral resources, as part of an overall funding package of US$2.5 million to finance the development of these assets. 

As part of this investment, RGO initially advanced US$150,000 to Kodal prior to the completion of its due diligence and the execution of binding contracts and security arrangements in connection with the proposed investment. 

Since then, the Company had been actively progressing due diligence and the structuring of the investment.  However, on 19 March 2021, Kodal announced a placing to raise £3.5 million and therefore RGO will not be pursuing this investment any further.  The amount already advanced by RGO of US$150,000 will be repaid by Kodal on 31 October 2021. 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For more information please contact:

RiverFort Global Opportunities plc		[phone]
Philip Haydn-Slater, Non-executive Chairman
Nicholas Lee, Investment Director
Nominated Adviser		[phone]
Beaumont Cornish
Roland Cornish/Felicity Geidt
Joint Broker		[phone]
Shard Capital Partners LLP
Damon Heath/ Erik Woolgar
Joint Broker		[phone]
Peterhouse Capital Limited
Lucy Williams

 

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