With effect from
October 30, 2024, the
Tanzanian Mining Commission has approved the transfer of the Imwelo Mining License (“ML”) to
Tembo Gold Tanzania Limited, a wholly-owned subsidiary of
Lake Victoria Gold Ltd. (TSX-V: LVG; FRA: E1K). Concurrent with the transfer, the authorities have extended the license by 10 years to 2035. With the transfer of the Imwelo mining license, LVG is well positioned to intensify its exploration, site preparation and development activities. LVG is in advanced negotiations for non-dilutive financing options to fully fund the CAPEX portion of the development costs for the
Imwelo Project.
Completion of the acquisition of the
Imwelo Project is formally subject to final approval by the
TSX Venture Exchange. Upon satisfaction of the remaining conditions to the acquisition and the completion of the final engineering design of the
Imwelo Project, the next tranche of the
Taifa Group equity participation will be triggered, further supporting the development of the project. Pursuant to the existing
August 2023 agreement between LVG and Taifa, Taifa will increase its equity participation in LVG by an additional 16 million units. The price per unit has been set at
C$0.24, which would result in
Lake Victoria Gold receiving
C$3,840,000 in gross proceeds. Each unit will consist of one common share of LVG and one common share purchase warrant of LVG exercisable for a period of two years at a price of
C$0.26 per share. Upon closing of this investment, LVG will enter into an additional mining services contract with Taifa pursuant to which Taifa will provide mining services to LVG’s project.
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Tanzanian Mining Commission approves transfer of Imwelo Mining License to Lake Victoria Gold!For more Goldinvest.de news in English click HERE!Disclaimer: GOLDINVEST Consulting GmbH offers editors, agencies and companies the opportunity to publish comments, analyses and news on http://www.goldinvest.de. This content is intended solely for the information of readers and does not represent any kind of call to action; neither explicitly nor implicitly are they to be understood as a guarantee of any price developments. Furthermore, it is in no way a substitute for individual expert investment advice and does not constitute an offer to sell the share(s) in question or a solicitation to buy or sell securities. This is expressly not a financial analysis, but an advertising/journalistic text. Readers who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. No contractual relationship is established between GOLDINVEST Consulting GmbH and its readers or the users of its offers, as our information relates only to the company and not to the reader’s investment decision.
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