Small Cap News reported that Orsu Metals has extended the long stop date connected with the sale of its Varvarinskoye gold copper project in Kazakhstan to JSC Polymetal.
No commercial terms of the sale and purchase agreement have been changed and the parties expect to close the transaction prior to the extended long stop date of October 13th 2009 upon receipt of final third party approvals.
Orsu first announced that the sale of the Varvarinskoye project in June 2009 for a total price of approximately USD 235 million. Of that figure, USD 8 million is payable in cash and a deferred consideration of up to a maximum of USD 12 million is contingent on performance. The remaining USD 215 million will involve the assumption or transfer of debt and hedging obligations connected with Orsu’s financing of the project.
(Sourced from Small Cap News)
