Our team: Paul Airley
Fladgate advised Opera Investments plc (now renamed Katoro Gold plc) on the acquisition of Kibo Gold Limited from AIM listed Kibo Mining plc for a total consideration of £3.66m, and the admission of the enlarged group to AIM. The acquisition constituted a reverse takeover for Opera and provides Opera with ownership of the Imweru and Lubando gold projects in Tanzania. The market capitalisation of the enlarged Katoro Gold group on admission was £6.5m.
The transaction also involved a placing to raise £1.5m. The financing will fund the development of the Imweru project, and provide general working capital to the enlarged group.
Opera Investments, which was listed on the Standard segment of the Official List, was formed for the purpose of acquiring a project or asset in the oil and gas or mining exploration and production sectors.
Opera Investments was advised by capital markets and natural resources partner Paul Airley.