Amur Minerals Corp - natural resources explorer with assets in Russia - Enters into a share purchase agreement with subsidiary Irosta Trading Ltd for the sale of Irosta's AO Kun-Manie firm, for a total consideration of USD35.0 million. AMC says Bering Metals LLC, a Russian incorporated company will purchase AO KM under intragroup loans. Says AO KM is an exploration and mining company, which holds the mineral licence for the Kun-Manie nickel-copper sulphide project, Russia.
Chief Executive Officer Robin Young says: "The USD 35 million offer for the purchase of our Kun-Manie asset is a last and final offer from Bering Metals LLC, a Russian incorporated company controlled by [Russian entrepreneur] Vladislav Sviblov. Economic sanctions and Russian foreign currency exchange controls implemented with regard to the 'Special Military Operation' have adversely impacted our ability to advance, develop and place Kun-Manie into production in the foreseeable future."
In May this year, shareholders rejected the disposal price of USD105 million of the original transaction with Stanmix Holding Ltd.
Current stock price: 1.32 pence
12-month change: down 28%
By Xindi Wei; xindiwei@alliancenews.com
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Amur Minerals (AMC)