22nd Sep 2015 07:16
LONDON (Alliance News) - Polymetal International PLC on Tuesday said it has reached an agreement to settle the Kyzyl gold project put option for a net consideration of USD68.0 million.
Under the terms of the settlement, Polymetal will settle the contractual liability for the Kazakhstan mine for a cash payment of up to USD300.0 million.
Simultaneously, it will transfer the right to receive consideration shares for the project to Otkritie Investments Cyprus Ltd, in exchange for a cash consideration of USD232.0 million. As a result of the deal, Okritie will own a 7.4% stake in Polymetal, while Sumeru Gold BV, will no longer be a shareholder in Polymetal.
Shares in Polymetal were up 0.3% to 537.00 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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