Orea Mining Corp reported that it agreed with Nord Gold plc to retract the termination of the agreement to acquire its 55.01% interest in the 5M oz. Montagne d’Or gold project-the Acquisition, and that the parties agreed to amend the proposed terms of the share purchase agreement, and to defer signing pending feedback from the applicable sanctions authorities.
The Amended Agreement has now been fully executed by Orea and the Vendor.
Pursuant to the terms of the Amended Agreement, the C$100 million payment will only be made if and when all sanctions are lifted against the Vendor and its shareholders, in all applicable jurisdictions, including in Canada, the United States, France, the UK and the EU.
The Amended Agreement also stipulates that the Payment will no longer be due or payable if sanctions are still in effect the earlier of three years from receipt by Orea of all permits to operate a gold mine at Montagne d’Or, and seven years from closing of the Acquisition.
The applicable sanctions authorities have advised Orea that they are reviewing the Amended Agreement. Orea is unable to provide guidance on when it might receive a reply from sanctions authorities; shareholders will be kept informed.
Orea is awaiting a decision by the Supreme Court of France regarding the renewal of the Montagne d’Or mining titles. Montagne d’Or is an open pit gold mine development project that hosts Measured Mineral Resources of gold 600,000 oz, Indicated Mineral Resources of 3.25 Moz gold and additional Inferred Mineral Resources of gold 960,000 oz, prepared in accordance with the requirements of National Instrument Standards of Disclosure for Mineral Projects.
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