Polymetal has purchased 25% of Litchkvaz’s active in Armenia in exchange for $3.5 million dollars in shares
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YEREVAN, 15 APRIL, ARMENPRESS. Polymetal, one of the largest silver-producing and leading gold-extracting companies in Russia, has obtained 25% of the actives of Litchkvaz and has reached an agreement on increasing its share by up to 50%. As “Armenpress” reports, this is what Interfax reports, citing the company’s press release.
The purchase of 25% was made in exchange for Polymetal’s $3.5 million dollars in shares. The company has also assumed obligations to carry out the geological investigation of the ore, fund technological studies and prepare a report on the assessment of the corresponding resources for the JORC in exchange for the right to increase its shares in the company up to 50% after the termination of activities.