Mabanga Mining SARL executed a binding term sheet to acquire 85% stake in Amani Consulting sarl from Amani Gold Limited (ASX:ANL) for $30 million in January 2023. Pursuant to the Term Sheet, the Mabanga has agreed to acquire the Amani Consulting 850 shares representing 85% of the total issued share capital in Amani Consulting. First Tranche $5 million payable upon execution of the Term Sheet; Second Tranche $8 million payable within one year of the payment of the First Tranche; Third Tranche $8 million payable within one year of the payment of the Second Tranche; and Fourth Tranche $9 million payable within one year of the payment of the Third Tranche to the Amani.

The transaction is subject to Amani Gold shareholder approval, All necessary Australian and DRC regulatory approvals; and If a superior offer is received prior to First Tranche Completion, the Company is able to terminate the Term Sheet and accept the superior offer. The transaction is expected to be completed the second quarter of 2023. As of March 28, 2023, Amani Gold has received the first tranche payment of $5 million from Mabanga Mining payable under the signed binding term sheet.

As on August 17, 2023, Amani Gold shareholder approval has received.