Opera Investments said the proposed acquisition of the Imweru and Lubando gold projects from Kibo Mining is progressing well and is at an advanced stage, with completion expected early in 2017.
"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," Opera said.
"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.
"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."
Chairman Paul Dudley commented: "We are pleased with the significant progress we have made to date alongside our advisers and Kibo and we look forward to completing the transaction in early 2017."