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Amur Minerals Corp - natural resources explorer with assets in far-east Russia - Enters agreement together with subsidiary Irosta Trading Ltd to sell the subsidiary's AO Kun-Manie firm. Says AO Kun-Manie is an exploration and mining company which holds the exploration and mine production mineral licence for the Kun-Manie nickel-copper sulphide project in Amur Oblast, Russia. Says it will sell AO Kun-Manie to Stanmix Holding Ltd for USD105 million which will be completed in a series of payments. Intends to use the proceeds for an acquisition through a reverse takeover within six months of the completion.
"Funds from the completion payment will be utilised to evaluate and acquire one or more projects located in mining friendly jurisdictions. It is anticipated that portions of the second and third payments (totaling USD60 million) will be paid as dividends to the shareholders," it says.
Current stock price: 1.80 pence, down 13% on Monday
12-month change: up 22%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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