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LONDON (Alliance News) - Pan African Resources PLC and Auroch Minerals NL Tuesday agreed to amend the terms of the disposal by Pan African of the Manica Gold Exploration Project.
As part of the original agreement, Pan African received 25 million shares in Auroch and a AUD2 million cash payment was supposed to be made to Pan African within 18 months of completion of the transaction.
The African-focused precious metals and mining company Pan African said it wishes to expedite the realisation of value pursuant to the transaction, and the new amendment states that Auroch shall pay AUD150,000 in cash by no later than November 30 and shall settle the remaining portion by March 2014.
Pan African said Auroch may extend the payment date by a further two months by paying Pan African an amount of AUD50,000 per month of extension prior to the payment date and such payments will be considered part of the cash consideration.
The company said it considers Manica a non-core asset and that it requires considerable future development capital.
Pan African Resources shares were up 1.9% to 13.50 pence Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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