Sominki owns and operates tin and gold mines in Zaire and holds several large mineral concessions hosting undeveloped tin, tantalum and gold deposits. Lencourt has been working to acquire the Zairean tin and gold producer since March, when it entered into an option agreement with Cofimines, a Belgian company, to purchase its 71.7% interest in Sominki for $5 million(US).
The first deadline for exercise of the purchase option was Sept 15, but Lencourt says it proved impossible to exercise the Sominki option on that date because of certain delays in Zaire. All the parties involved in the transaction have agreed to extend the option period, however, and the company remains optimistic that the necessary final formalities in Zaire will be completed in several weeks.
The remaining formalities include the signing of various documents by Zaire’s president, and the subsequent issue of a ministerial decree transferring the Sominki concessions to Lencourt. “Once completed, Lencourt will be in a position to exercise immediately its option to acquire Sominki,” says Ross Lawrence, president of Lencourt.
The Toronto company’s lawyers and accountants have recently received due diligence reports that indicate Sominki’s legal and financial affairs are satisfactory. Permission has also been received from the government of Zaire to proceed with the corporate organization proposed by Lencourt.
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