Currently viewing Global edition

Avocet extends Inata sale deadline again

Under pressure West Africa-focused gold company Avocet Mining (LN:AVO) has extended the closing date of the sale of its Burkina Faso assets for a third time.
Avocet extends Inata sale deadline again Avocet extends Inata sale deadline again Avocet extends Inata sale deadline again Avocet extends Inata sale deadline again Avocet extends Inata sale deadline again

Avocet has few options but to keep calm and carry on with the Balaji deal

Staff reporter

 
The company, the majority owner of the Inata gold mine in Burkina Faso, originally announced the US$5 million sale to the Balaji Group on December 18, at which point the deal was expected to be completed by January 11.
 
 
Since then, the company has extended the closing date, on behalf of Balaji, twice. 
 
The latest extension - for nine days - should see the deal go through on February 8. 
 
The reason for the holdup is ongoing discussions with one of the company's creditors. At the point of the agreed sale, entities tied to the subsidiary and its Inata gold mine had US$70 million of overdue debt. 

 

topics

loader