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.
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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.
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By GlobalDataPotential 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.
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