Pan African Resources PLC (AIM:PAF) entered into an agreement to acquire Mogale Gold (Pty) Ltd. from Mintails Mining Sa (Pty) Ltd for ZAR 37.5 million on November 6, 2020. The acquisition includes, inclusive of its assets, rehabilitation liabilities and shareholder loans for a cash consideration of ZAR37.5 million (approximately $2.3 million). In a related transaction, Pan African Resources PLC (AIM:PAF) entered into an agreement to acquire Mintails SA Soweto Cluster Proprietary Limited from Mintails Mining Sa (Pty) Ltd for ZAR 12.5 million on November 6, 2020. The transactions are subject to due diligence, consent for the transfer of the mining right by the Department of Mineral Resources and Energy, other regulatory approvals typical for a transaction of this nature and of South African companies in provisional liquidation, including that the provisional liquidators of Mintails SA obtain the necessary approval from the Master of the South African High Court to implement the proposed transactions, approval from the South African Competition Commission authorities if applicable and is not subject to shareholder approval. The transaction is expected to close on November 5, 2021. Ross Allister and David McKeown of Peel Hunt LLP, Ciska Kloppers of Questco Corporate Advisory Proprietary Limited acted as financial advisors, Huneiza Goolam of CMS RM Partners acted as legal advisor and Thomas Rider and Neil Elliot of BMO Capital Markets Limited acted as joint broker to Pan African Resources. Pan African Resources extends the deadline for the fulfilment of the remaining conditions for the acquisition of Mogale Gold Pty Ltd and Mintails' SA Soweto Cluster Pty Ltd to September 30, 2022.

Pan African Resources PLC (AIM:PAF) completed the acquisition of Mogale Gold (Pty) Ltd. from Mintails Mining Sa (Pty) Ltd on October 6, 2022.