Lexington Gold Ltd - gold exploration and development company with projects in the US states of North and South Carolina - Completes 'broad-based black economic empowerment' partnership arrangements for White Rivers Exploration Proprietary Ltd. As previously announced, says it was the sole owner of WRE for an interim period post-completion of the acquisition of WRE, pending a 26% interest being transferred to its selected B?BBEE partner. Says it has now completed agreements with Letsema Holdings Proprietary Ltd as its B-BBEE partner, in accordance with South African mining law and its prospecting rights obligations. As a result, Lexington Gold now owns 74% of WRE. Letsema is a black South African owned, family office and diversified long-term investment holding company.
Lexington Gold Non-Executive Chair Edward Nealon says: "We are delighted to welcome Letsema as our B?BBEE partner and look forward to working with them to unlock value from WRE's assets. Letsema is a prominent and highly respected business established in 1996 by Isaac and Derek, being two well-renowned South African businessmen. We similarly welcome Katlego Tlale, the Letsema chief financial officer, who will shortly be joining the board of WRE as Letsema's representative."
Current stock price: 4.62 pence, up 0.4%
12-month change: down 12%
By Greg Rosenvinge, Alliance News reporter
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