REG - Lexington Gold Ltd - Notice of Special General Meeting

Lexington GoldAnnouncement

05/06/2023 07:00

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RNS Number : 5713B  Lexington Gold Limited  05 June 2023

5 June 2023

Lexington Gold Ltd

("Lexington Gold" or the "Company")

 

Notice of Special General Meeting re

Proposed Acquisition of White Rivers Exploration (Pty) Ltd

 

Lexington Gold (AIM: LEX), the gold exploration and development company with
projects in North and South Carolina, USA, is pleased to announce, further to
its announcement of 15 May 2023 regarding its proposed acquisition of 76 per
cent. of White Rivers Exploration Proprietary Limited ("WRE") (the "Proposed
WRE Acquisition"), the posting of a formal notice of the requisite Special
General Meeting of the Company ("SGM"). The SGM is to be held at 10.00 a.m.
(Bermuda time) at Clarendon House, 2 Church Street, Hamilton HM11, Bermuda on
26 June 2023 to approve, inter alia, the Proposed WRE Acquisition.

 

A letter from the Company's Non-Executive Chairman (the "Chairman's Letter"),
explaining why the Board is unanimously recommending that Shareholders vote in
favour of all resolutions to be tabled at the SGM, accompanies the SGM notice
which was posted on 2 June 2023 and is available to download from the
Company's website at: www.lexingtongold.co.uk.

 

Highlights of the Proposed WRE Acquisition:

 

·    Proposed acquisition of WRE, an exploration and development company,
established by Mr Mark Creasy, with significant gold assets in South Africa;

 

·    £6.7m consideration to be settled approximately 95% in shares issued
by the Company on a deferred basis and subject to 12 month lock-up and 12
month orderly market arrangements;

 

·    Cash element of consideration satisfied entirely via a one year
unsecured loan to the Company from Mr Creasy;

 

·    Mr Creasy's and Sunswell Holdings Pty Ltd's existing loans to WRE
being acquired by the Company with a face value of approximately £10m; and

 

·    Mr Creasy will potentially become the largest shareholder in
Lexington Gold on potential future exercise of certain transaction and
milestone related options.

 

 

Unless otherwise defined herein, all capitalised terms in this announcement
shall have the meanings given to them in the Chairman's Letter.

 

 

For further information, please contact:

 

 Lexington Gold Ltd                                      www.lexingtongold.co.uk (http://www.lexingtongold.co.uk)

 Bernard Olivier (Chief Executive Officer)               via Yellow Jersey

 Edward Nealon (Chairman)

 Mike Allardice (Group Company Secretary)

 Strand Hanson Limited (Nominated Adviser)               www.strandhanson.co.uk (http://www.strandhanson.co.uk)

 Matthew Chandler / James Bellman / Abigail Wennington   T: +44 207 409 3494

 WH Ireland Limited (Joint Broker)                       www.whirelandplc.com (http://www.whirelandplc.com)
 Katy Mitchell / Enzo Aliaj                              T: +44 207 220 1666

 Peterhouse Capital Limited (Joint Broker)               www.peterhousecap.com (https://peterhousecap.com/)

 Duncan Vasey / Lucy Williams (Broking)                  T: +44 207 469 0930

 Eran Zucker (Corporate Finance)

 Yellow Jersey PR Limited (Financial Public Relations)   www.yellowjerseypr.com (http://www.yellowjerseypr.com)

 Charles Goodwin / Annabelle Wills / Soraya Jackson      T: +44 7948 758 681

 

 

Note to Editors:

 

Lexington Gold (AIM: LEX) is a gold exploration and development company
currently holding interests in four diverse gold projects, covering a combined
area of approximately 1,675 acres in North and South Carolina, USA. The
projects are situated in the highly prospective Carolina Super Terrane
("CST"), which has seen significant historic gold production and is host to
several multi-million-ounce mines operated by majors. It was also the site of
the first US gold rush in the early 1800s, before gold was discovered in
California.

 

Further information is available on the Company's website:
www.lexingtongold.co.uk (http://www.lexingtongold.co.uk) . Neither the
contents of the Company's website nor the contents of any website accessible
from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.

 

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