Turaco Gold to Consolidate Ownership of Côte d'Ivoire Gold Project

MT Newswires Live10-27 10:09

Turaco Gold (ASX:TCG) struck a deal to acquire Sodim's remaining 20% interest in the Afema gold project in Côte d'Ivoire, consolidating full ownership of the project subject to the state's entitlement to a 10% non-contributing interest, according to a Tuesday filing with the Australian bourse.

The consideration of $79 million includes a $3 million Afema option fee, $30 million in upfront cash, 55.1 million Turaco shares valued at $26.5 million, and 36.7 million Turaco options valued at $6.9 million.

The deal includes a 0.33% net smelter royalty for Sodim, with Turaco holding a pre-emptive right and a buyback right up to June 30, 2029. It also includes certain contingent resource growth milestone payments.

Turaco said it will launch an equity placement and a share purchase plan to fund the acquisition and advance Afema toward a definitive feasibility study in the second quarter of 2027. The company has requested a trading halt to complete the equity placement.

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