Corporate Update
22/12/2022 07:00
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RNS Number : 5418K Katoro Gold PLC 22 December 2022
Katoro Gold plc (Incorporated in England and Wales)
(Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
("Katoro" or "the Company")
Dated: 22 December 2022
Katoro Gold PLC ('Katoro' or the 'Company')
CORPORATE UPDATE
Katoro Gold PLC ('Katoro' or 'the Company') (AIM: KAT), the strategic and
precious minerals exploration and development company, announces the following
corporate update.
Project development and funding
As previously announced on 20(th) September 2022, the Company continues to
develop and determine the work programme and budget for its joint venture
agreement regarding the TNMM iron ore project in Namibia (the "Project"). The
further development and work required in order to advance the Project to
bankable feasibility status continues to be based on the initial evaluation
and review of the substantial amount of historic work done to date on the
Project. In addition, the Company has been undertaking due diligence on a
number of other potential projects of interest and will seek to provide an
update as soon as appropriate should any develop to become tangible
opportunities.
As part of the planned and scheduled development of the Project or any other
corporate opportunity, the Company will need to raise funds in order to
continue progressing its interests and for other general working capital
purposes. To this extent the Company will seek to raise further funding during
Q1 2023 to also ensure that it continues to operate as a going concern. In
this regard the Company is in continuous discussion and consultation with the
Company's financial advisors to ensure that the Company has sufficient cash
resources.
Nomad
The Company has also, in accordance with the relevant termination clause of
the existing Nomad agreement with RFC Ambrian Ltd, received notice that the
latter will cease to act as nominated adviser for the Company, with its last
day being close of market on 10 January 2023. The Company is at the moment in
very advanced discussion with a new nominated adviser with their appointment
subject to completion of due diligence. Whilst the Company expects to finalise
their appointment ahead of 11 January 2023, pursuant to Rule 1 of the AIM
Rules for Companies, the ordinary shares in the Company will be suspended from
trading on AIM from 11 January 2023, if it does not appoint a new nominated
adviser.
If, following such suspension, the Company fails to appoint a replacement
nominated adviser within one month of the date that its shares are suspended
from trading on AIM, the admission of the Company's shares to trading on AIM
will be cancelled.
There can be no guarantee that the appointment of a new nominated adviser will
be successful, but the Company will keep the market informed of any further
developments.
This announcement contains inside information as stipulated under the Market
Abuse Regulations (EU) no. 596/2014.
**ENDS**
For further information please visit www.katorogold.com
(http://www.katorogold.com) or contact:
Louis Coetzee louisc@katorogold.com (mailto:louisc@katorogold.com) Katoro Gold plc Executive Chairman
Bhavesh Patel / +44 20 3440 6800 RFC Ambrian Ltd Nominated Adviser
Andrew Thomson
Nick Emmerson +44 (0) 1483 413 500 SI Capital Ltd Broker
Sam Lomanto
Zainab Slemang van Rijmenant zainab@lifacommunications.com (mailto:zainab@lifacommunications.com) Lifa Communications Investor and Media Relations Consultant
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