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Goldbelt Empires selling Mali subsidiary

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Goldbelt Empires selling Mali subsidiary

Goldbelt Empires Ltd. agreed to sell its Goldbelt International Ltd. subsidiary and related assets in Mali to 1167732 B.C. Ltd. via a plan of arrangement.

Consideration includes a net smelter royalty capped at a multiple of 6.5 times the book value of the Goldbelt International shares for the nine months ended March 31, while 1167732 B.C. will issue shares to Goldbelt Empires shareholders equal to their shareholding.

Under the deal, all intercompany debt between Goldbelt Empires and its Mali unit will be nullified. According to a June 13 statement, closing is anticipated on or around June 28, subject to various approvals.