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Cradle Arc signs option agreement to sell Zambia gold mines

Monday, 16th April 2018
Cradle Arc said it had granted Singa Holdings Zambia an option to either establish a joint venture with subsidiary Luiri Gold Mines or acquire it outright for $2.5m.

Luiri holds the Matala and Dunrobin gold assets in Zambia.

In the event of an acquisition, Cradle Arc would receive a royalty of 1.5% of gross revenue generated from thegold assets, up to a maximum aggregate amount of its net present value of $2.5m, discounted at 8%.

At 2:53pm: (LON:CRA) Cradle Arc Plc share price was 0p at 6.98p

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