Orsu Metals Corporation, London-based precious and base metals exploration and development company, announced that it has signed a binding sale and purchase agreement for the acquisition of another 24.73 per cent interest in the Karchiga Project, by purchasing the remaining outstanding shares of Eildon Enterprises Limited.
Eildon Enterprises is a British Virgin Islands-registered company, which is the owner of a 94.75 per cent interest in GRK MLD LLC. MLD is the holder of the contract relating to the Karchiga volcanogenic massive sulphide deposit in Kazakhstan granted by the Ministry of Energy and Mineral Resources of the Republic of Kazakhstan in 2007 and valid until 2022.
Orsu Metals currently owns 73.9 per cent of the share capital of Eildon Enterprises, representing 70.02 per cent in MLD. Upon the completion of the acquisition Orsu will become the full owner of the BVI corporation; 100 per cent in Eildon will represent 94.75 per cent of MLD and its interest in the Project.
The proposed acquisition deal is proposed to be completed during the third quarter of 2010. The purchase price of the remaining 26.1 per cent interest in Eildon is US$6,187,500, to be paid in cash at the closing of the transaction.
