Kibo Mining has issued an update on the acquisition by Opera of the Imweru and Lubando gold projects.
Kibo - which announced on 23 September that a heads of terms had been agreed for Opera to acquire the projects - says the proposed acquisition is progressing well and is at an advanced stage.
Both Kibo and Opera have been working hard alongside their professional advisers to process the considerable and appropriate transaction documentation and are pleased with progress to date. It is likely that the fundraising required to complete the proposed acquisition will take place early in the new year and every effort is being made to complete the transaction as soon as possible.
It adds: "Shareholders should note that there remain a number of matters that the Proposed Acquisition is conditional upon which are expected to be successfully completed in due course."