Inata og alt selges for 5m USD til en av kreditorene. Samtidig kvitter seg AVM med 70m USD i gjeld tilknyttet prosjektet, se uttak fra newsmelding.




18 December 2017

Avocet ("Avocet" or the "Company") announces today that it has entered into an agreement to sell all of its assets in Burkina Faso, including the Inata gold mine, together with certain receivables of the Company's group to the Balaji Group of companies (the "Balaji Group") for a total consideration of USD 5 million (the "Sale"). Of this consideration, USD 2.5 million will be payable in cash at completion and USD 2.5 million will be paid by way of deferred payments.

Completion of the transaction is expected to occur on 11 January 2018, conditional upon the satisfaction of a condition as described below.

As the disagreement among the creditors could not be resolved, one of the two potential investors, the Balaji Group, agreed to acquire Avocet's Burkina Faso assets without the prior restructuring of approximately USD 70 million of overdue debt owed by SMB and Goldbelt Resources West Africa S.à.r.l. ("Goldbelt") to third party creditors, finance providers, personnel and government, for a consideration that is independent of the outcome of these discussions.

The protracted restructuring process caused by continuing disagreement among the creditors, the deteriorating security situation at the Inata mine, increasing control issues and the exhaustion of all sources of funding has left the Company with two options: either to accept the proposal from the Balaji Group for the Sale or for SMB and Goldbelt to be placed into liquidation.
The sale of the Burkina Faso assets has been part of a larger restructuring and discussions are ongoing with Avocet's sole creditor, Manchester Securities Corp. ("Elliott") regarding the restructuring of its overdue loans to the Company which total USD 28.7 million (and which are secured, in part, over the shares in Resolute (West Africa) Ltd ("Resolute"), SMB and Goldbelt).