14th Mar 2023 14:34
(Alliance News) - Amur Minerals Corp on Tuesday said it has received USD35 million from the sale of nickel copper sulphide asset Kun-Manie in Russia.
Shares in Amur Minerals were up 8.0% to 1.68 pence each in London on Tuesday afternoon.
At the start of March, Amur Minerals said it had completed the disposal of Kun-Marie to Bering Metals LLC.
At the time, it said the price represented a 44% premium to the Kun-Manie book value of USD24.3 million as at December 31, 2021.
As a result of the disposal, Amur said it intends to pay a special dividend of 1.8 pence per share to shareholders within 90 days. Further announcements in respect of the dividend dates will be made in due course, it noted.
Following the disposal, Amur Minerals is now a cash shell under AIM rules.
It is therefore required to make an acquisition which constitutes a reverse takeover on or before the date falling six months from the completion of the disposal, or be re-admitted to trading on AIM as an investing company. Failing that, Amur Mineral's shares will be suspended from trading on AIM.
By Sophie Rose, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.