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Falgold mine issues cautionary statement

Ailing gold mining firm, Falcon Gold Zimbabwe Limited (Falgold), has issued a further cautionary statement relating to cash offer to minority shareholders and its suspension from the Zimbabwe Stock Exchange.

The Zimbabwe Stock Exchange, or ZSE, is the official stock exchange of Zimbabwe. Its history dates back to 1896 but has only been open to foreign investment since 1993
The Zimbabwe Stock Exchange, or ZSE, is the official stock exchange of Zimbabwe. Its history dates back to 1896 but has only been open to foreign investment since 1993.

The struggling gold miner was again suspended from the Zimbabwe Stock Exchange early this year after it failed to publish financial results for the year ended September 30, 2019.

The suspension was done voluntarily after Falgold sought permission from the regulatory authorities. In February 2019, the mining firm was suspended by the local bourse for failing to publish audited financial results for the year ended September 30, 2018.

The suspension was lifted seven months later after the gold miner fulfilled the listing requirements.

In a cautionary statement released this week, Falgold said: “The directors of Falcon Gold Limited wish to advise all shareholders and the investing public that the company is still engaged in discussions that involve a potential transaction that may have a material impact on the value of the company’s shares.

“The transaction relates to a cash offer to minorities and the termination of the ZSE listing.”

It said further details of the transaction will be provided once discussions have been finalised. The Chronicle

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