Randgold Resources Ltd. (GOLD) Friday announced the completion of its previously announced sale of its interest in the Kiaka license, camp assets and licence data to Volta Resources Inc. (VTR.TO) for a consideration of C$4 million in cash and 20 million Volta common shares.
The acquisition agreement between Randgold and Volta was signed on October 15.
Randgold said that the cash consideration will be paid in equal instalments on the dates that are 6, 12, 18 and 24 months following the closing date. As a result of this transaction, Randgold will hold 20 million common shares, which represent approximately 27.3% of the issued and outstanding common shares, acquired pursuant to an asset acquisition exemption under applicable securities laws. Randgold acquired the common shares for investment purposes.
As per the company, all of the shares have been placed in escrow pending proof of recordation of the licence comprising the Kiaka Gold Project into Volta's name. Randgold may increase or decrease its holdings of common shares or other securities of Volta from time to time.
On the Nasdaq, GOLD closed Thursday's trading at US$83.57, down US$0.15, on a volume of 1.66 million shares.
VTR.TO ended at C$0.39 on the TSX on Thursday, up C$0.01, on a volume of 112,200 shares.
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