LONDON, UK: Plutus PowerGen has signed Heads of Terms with Mayflower Copper Limited to acquire rights to a 61% interest in a high-grade copper and polymetallic project, the Mindouli Copper Project, located in a highly prospective and well-established copper and zinc mining region in the Republic of the Congo.
The Board believes the acquisition to be transformative to Plutus, has the potential to generate substantial value to its shareholders and will position the Company as a major copper exploration and development company listed in London.
Plutus CEO, James Longley, said, “Located in an historically proven mining area, Mindouli is a significant copper development project with extensive exploration and feasibility work undertaken to date that represents outstanding value to current and prospective shareholders. Having nearly completed our due diligence process, we look forward to fast-tracking the Acquisition and commencing a programme that will in turn fast-track the Project towards production.”
Mayflower has secured the rights to acquire a 61% interest in Mindouli from its current Chinese shareholders. Mayflower has made the initial up-front payment of US$1.0 million to secure the interest and a further payment of US$2.0 million is due on completion of the RTO along with additional share-based consideration to Mayflower.
The Company is well advanced with its legal, technical and financial due diligence and has further appointed key legal and financial consultants to assist in its preparation and submission of a Prospectus and the RTO process.
The Company will provide further details and updates as it completes its due diligence process and documentation on the Acquisition and moves ahead with the RTO.
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