UK-based Orsu Metals has signed an agreement with David-Invest to sell its Akdjol-Tokhtazan gold exploration licences in Kyrgyzstan.
The company plans to divest assets either through the sale of its wholly-owned subsidiary Tournon Finance, or Tournon’s wholly-owned subsidiary Oriel In Kyrgyzstan (OIK), which are the indirect and direct holders of the licences.
Orsu’s board decided to market the asset to focus on developing its Karchiga project. The company’s interests were put up for sale in 2011.
The previous exclusivity agreement with David-Invest expired on 31 December 2013.
The new agreement will allow potential buyers to purchase Tournon or OIK up until 30 June 2014, if a non-refundable deposit of $0.5m is received by 31 January this year.
David-Invest will finance the exploration programme on a non-refundable basis for the exclusivity period, in return for being granted exclusivity.
Potential buyers have the option to purchase the entire share capital of Tournon or OIK at any time on or before the expiry of the exclusivity period for $4.5m.
The carrying value of the licences was $4.49m, as of 30 September 2013, while the losses attributable to the licences were $1.7m for the year ended 31 December 2012.
Image: The carrying value of the licences as at 30 September 2013 was $4.49m. Photo: courtesy of Liz Noffsinger/FreeDigitalPhotos.net.