New Dawn Mining Corp. (TSX: ND) announced that the Zimbabwe Minister of Youth Development, Indigenisation and Economic Empowerment has approved the Company’s previously filed Plan of Indigenisation. This approval, which covers both the basic form and structure of the Plan and the qualified indigenous investor participants in the Plan, authorises the implementation of the Plan and contains certain stipulations related to timing and process.
As previously announced, the Company’s Plan consists of the following two key components:
To take account of the dilution of New Dawn’s interests in its Zimbabwe subsidiaries by the respective allocations of equity interests to the community and employee groups, in order to meet the additional effective 36% equity ownership in those subsidiaries to be acquired by indigenous Zimbabweans through investment in New Dawn, the aggregate equity interest in New Dawn that would ultimately be acquired by indigenous investor groups and NIEEF would comprise approximately 42%. The implementation of the Plan will require a number of steps and procedures, including amending the Company’s capital structure to provide for the specific equity interests contemplated under the Plan, and eliminating the current minority interests in the Company’s Zimbabwe subsidiary, Falcon Gold Zimbabwe Ltd.
The equity interests in the Company’s Zimbabwe operating subsidiaries to be transferred to the community and employee groups are expected to provide a direct and broad-based participation in New Dawn’s Zimbabwe mining operations by indigenous Zimbabweans.
The Company will continue to advise shareholders as to the status of this matter as significant developments occur. In the meantime, the Company is continuing its process for the share consolidation and re-incorporation in the Cayman Islands jurisdiction, as well as considering delisting its common shares from the Toronto Stock Exchange, all as previously disclosed.
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We acknowledge the [financial] support of the Government of Canada.