was over 100% higher9 Oct 2015 12:50
just few weeks back. Nothing has changed since!
$6.3m cash (£4m) as at 30 June 2015 and only 183m shares in issue
£4m/183m = 2.1p based on cash value alone + $13m existing other assets + $5m potential offer coming our way.
A new conditional exclusivity agreement with David-Invest LLP, a Kyrgyz registered company, and a related company, David Way Limited, a Hong Kong registered company with a view to the potential sale of its Akdjol and Tokhtazan gold exploration licences in Kyrgyzstan. The Potential Buyers have been granted an exclusive right to purchase the Akdjol-Tokhtazan Project until December 31, 2015 conditional upon the Potential Buyers continuing to fund the costs of maintaining the licence. Orsu has the right to terminate the agreement at any time, in the event of non-fulfilment of the obligation to fund the costs of maintaining the licence.
The Potential Buyers have the option to purchase the Akdjol-Tokhtazan Project at any time on or before the 31 December 2015 for a consideration of US$5.0 million. The previous non-refundable deposits of US$400,000 received by the Company during 2014, will be applied against the consideration in the event of any sale.
The Potential Buyers will fund the exploration programme for the Akdjol-Tokhtazan Project licences (which are due to expire on December 31, 2015) on a non-refundable basis for the Exclusivity Period; and the Potential Buyers have the right to terminate at any time.
As at June 30, 2015 the Company had cash and cash equivalents of $6.3 million and estimates to have sufficient working capital to fund it exploration and administration obligations for the next 12 months.
Currently well undervalued!!
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