Turaco Gold Limited (ASX:TCG) agreed to acquire an additional 10% stake in Afema Project in southeast Cote d?Ivoire from Sodim Ltd for $14.2 million on November 27, 2024. Upon completion, Turaco Gold Limited will own 80% stake in Afema Project in southeast Cote d?Ivoire. The consideration of $14.2 million with 50% satisfied by a cash payment and 50% by the issue of fully paid ordinary Turaco shares.
This amount effectively represents as Acceleration of the currently agreed outstanding milestone payments above of $5.805 million; and $8.395 million payment for an additional 10% interest for a total Turaco interest of 80%. The issue of the Consideration Shares is subject to Turaco receiving any requisite shareholder approvals prior to 14 January 2025. Should Turaco be able to satisfy this condition and issue the Consideration Shares, then the equivalent consideration shall be paid in cash.
