BVI-registered mining company Chaarat Gold International Limited announced the extension of the anticipated closing date for the acquisition of Kapan Mining and Processing Company CJSC from 15 January 2019 to 31 January 2019, agreed with Kapan’s vendor PTML Holding Ltd, a subsidiary of Polymetal International Plc. The extension, which followed BVI company's announcement of the acquisition of 31 December 2018, has arisen as a result of the extended winter holidays in Russia and Armenia.
Also, it has been agreed that Chaarat will grant a pledge over the shares it has acquired in Kapan in favour of Polymetal, pending receipt of the US$40 million cash payment. If payment is not completed within 10 business days, Polymetal has the right to require the transaction to be unwound. Otherwise the transaction will progress as planned, and will remain as previously described.
