30th Jan 2019 13:27
LONDON (Alliance News) - Chaarat Gold Holdings Ltd on Wednesday said it completed the acquisition of Kapan Mining & Processing Co CJSC from PMTL Holding Ltd, a unit of Polymetal International PLC.
At the end of October, the AIM-listed gold development company agreed to buy the Kapan polymetallic mine from FTSE 250 member Polymetal for USD55 million.
Out of the total, USD10 million was settled in convertible loan notes and USD5 million was paid as a deposit in November.
The remaining USD40 million is payable in cash following the execution of certain settlement procedures.
The payment is secured by a pledge over the Kapan shares in favour of PMTL, which will be released upon receipt of payment by PMTL anticipated on Friday. As a result, Chaarat shares have been suspended from trading with re-admission on AIM expected to take place next Monday or Tuesday.
Related Shares:
CGH.LPOLY.L