JOHANNESBURG (miningweekly.com) – Aim-listed Avocet Mining has completed the sale of Resolute to the Balaji group of companies for $5-million.
Completion of the sale was delayed three times, most recently until February 8.
The transaction involves the assignment of certain intercompany receivables for a cash consideration of $2.5-million, to be paid at completion, and for a consideration of $2.5-million to be satisfied by deferred payments over a period of seven years.
Avocet has received cash proceeds at completion of $2-million, from the Balaji group. Balaji has already paid $500 000 to the company in the form of a nonrefundable deposit.