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Amani to secure majority interest in Gada gold project in DRC

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Amani to secure majority interest in Gada gold project in DRC

Amani Gold Ltd. is planning to acquire majority interest 10 gold exploration permits in the Democratic Republic of the Congo, collectively known as the Gada project.

The company signed a memorandum of understanding to acquire an 85.7% interest in Bon Génie N. Mining (BN Mining) Sarl, which holds an option over the permits with La Societe Miniere de Kilo-Moto SA.

Amani intends to conduct a modern exploratory study and targeting program to determine potential areas for systematic exploration work, it said May 21.

During a 60-day due diligence period, BN Mining will incorporate a new company to hold the Gada project. BN Mining will own 70% and Sokimo will receive 30% of the new company.

If Amani decides to go ahead with the acquisition, it will secure a 85.7% stake in BN Mining, with existing shareholders retaining 14.3%.

The company will be required to issue 30.0 million shares and settle BN Mining's outstanding liabilities of about US$820,000. It will also fund and manage all gold exploration at the project, including a detailed feasibility study within three years, and other operating expenditure such as annual license fees.

Amani will also issue 30.0 million shares to Mark Gasson, who introduced the Gada project.