Chaarat Gold Holdings Ltd - gold miner in Armenia and mine developer in Kyrgyz Republic - The gold miner enters into new investment agreement with Turkish construction firm Ciftay Insaat Taahhut ve Ticaret AS. Chaarat will retain 100% ownership of the Tulkubash and Kyzyltash projects, both in the Kyrgyz Republic, with Çiftay becoming a strategic investor in Chaarat. Çiftay will receive a maximum of USD25 million in cash and up to USD17.3 million in new Chaarat shares.
Chair Martin Andersson said: "I am very pleased with the outcome of the positive dialogue and the resulting strengthened cooperation with our partner Çiftay. The simplified agreement confirms the confidence in the Chaarat management team and the Tulkubash project. The team at Çiftay worked with Chaarat representatives in the past and has worked on our Tulkubash site for some time now and mutual trust has been established. With their experience as a construction and mining contractor, Çiftay is well placed to perform the agreed construction and mining services."
Current stock price: 25.00p
Year-to-date change: up 4.2%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Chaarat Gold (CGH)