Orsu Metals proceeds with sale of Karchiga Project in Kazakhstan
Orsu Metals Corporation has conditionally transferred its participation interest in GRK MLD LLP (MLD) to Karasat Trading FZE.
MLD is the holder of exploration and production contract of the Karchiga Project in Kazakhstan.
Karasat is buying all of Orsu's 94.75% indirect interest in MLD, and all the inter-company debt owed to Orsu and unit Lero Gold Corp for around $7.75m.
Orsu was paid a $100,000 deposit in May 2016 and owes a balance of $7.65m.
Orsu transferred the interest last week, which is expected to be registered with the Kazakhstan regulatory authorities.
The purchase price for the interest will be paid by Karasat following registration of the transfer with the Kazak authorities.
The assignment deed on the transfer of inter-company debt will come into effect following receipt of $7.650m by Orsu. This amount is due to be paid by 15 February.
Shareholders approved the sale in June 2016.