Orsu to sell Kazakh projects, cancel AIM trading

Orsu Metals Corporation announced two planned disposals on Monday, along with the cancellation of its shares from trading on AIM in a bid to save costs.

The AIM-traded company confirmed it had conditionally agreed to sell its 94.75% interest in the Karchiga project for an initial consideration of $7.75m, as well as deferred consideration of up to $2m based on the recovery of VAT and relief obtained from accumulated tax losses.

It said the sale was conditional on shareholder approval and obtaining the formal consent of the Kazakh authorities.

Orsu said it had also conditionally agreed to sell its effective 51% interest in the Kogodai project to the same party for $10,000, also conditional on Kazakh regulatory consent.

“In addition, with a view to saving costs, the company will apply for cancellation of admission of its common shares to trading on AIM, with effect from 11 May. The company will maintain its listing on the TSX main board,” it confirmed in a statement.

At 1450 BST, shares in Orsu Metals Corporation were up 54.08% at 1.93p.