Harare – Shareholders in Vast Resources on Tuesday approved the sale of the company’s Zimbabwe gold assets, including the Pickstone Peerless and Eureka mines.
Shareholder approval was the final condition precedent to the sale of Aim-listed Vast's 50.01 percent interest in Ronquil Enterprises, through which it holds the Zimbabwe gold assets, to Southern Africa Trade Finance.
The consideration from SATF is $2.5 million, payable outside Zimbabwe, plus RTGS$2.5 million (Zimbabwe’s new local currency), equating to $1 million payable in Zimbabwe.
Following the completion of the transaction, the company’s wholly owned Zimbabwean subsidiary, Canape, now have no material assets apart from RTGS$2.5-million, which will remain charged to SSGI until the SSGI loan is fully repaid.
The sale will allow the miner to focus on the Heritage diamond concession in Zimbabwe and the Baita Plai polymetallic mine in Romania.
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