B2Gold agrees to sell Burkina Faso projects to West African Resources

B2GoldIn an binding agreement with West African Resources Limited (WAF), B2Gold has agreed to sell to WAF 100% of the issued and outstanding shares of Volta Resources (Cayman) Inc, the holder of an 81% interest in the Kiaka gold project located in Burkina Faso

Under the terms of the Kiaka agreement, B2Gold will receive cash payment of US$450,000 paid on execution of the Kiaka agreement and an US$45,000,000 payable on closing of the Kiaka Transaction, comprised of 50% cash and 50% in WAF ordinary shares.

The closing of the Kiaka Transaction is subject to the completion of a transaction between WAF and GAMS-Mining F&I Ltd (GAMS) pursuant to which WAF will acquire GAMS' 9% interest in the Kiaka Project, and completion of the transaction under the amended Toega agreement.

Clive Johnson, president and CEO of B2Gold, stated, “WAF has a strong reputation of being a solid operator in Burkina Faso and with its existing local infrastructure and operating experience is well positioned to move the Kiaka Project forward in a timely and cost-effective manner.”

In addition, B2Gold has entered into an amended and restated purchase agreement with WAF and GAMS in which B2Gold has agreed to sell to WAF 100% of the shares of Kiaka Gold SARL, the holder of the Toega gold project located in Burkina Faso and GAMS will sell its 10% beneficial interest in the Toega Project. The closing of the Toega Transaction is subject to certain customary conditions. The parties expect the Toega Transaction to be completed by the end of November 2021.


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