• Turaco Gold to Acquire 70% Interest in Cote d’Ivoire's Afema Gold Project

    Source: Buzz FX / 21 Nov 2023 03:58:42   America/New_York

    Turaco Gold (ASX:TCG) entered into several agreements to acquire an initial 51% interest in the Afema gold project in southeast Cote d’Ivoire from Endeavour Mining (EDV.L), the miner said Tuesday. The acquisition comprises an upfront consideration of AU$1.5 million in cash and the issuance of 46.5 million Turaco shares to Endeavour Mining. Simultaneous agreements were also signed by Sodim, a minority partner, granting Turaco Gold the option to raise its stake to 70% following the conclusion of a feasibility study, the release said. These agreements are contingent on receiving approval from the government for an extension to the terms outlined in the mining convention linked with the mining permit. Additionally, they rely on the government not opposing Turaco's transition to becoming a majority holder, it said. Shares of Turaco Gold jumped more than 21% at market close. Price (GBP): £0.09, Change: £+0.02, Percent Change: +21.43%
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