Orsu Metals Corporation announced on January 26, 2017, the conditional transfer of its 94.75% participation interest in GRK MLD LLP, which holds the Karchiga Copper Project in Kazakhstan, to Karasat Trading FZE. The transfer took place in Almaty, Kazakhstan on January 25.
Orsu transferred the interest to Karasat and the transfer was duly registered with the Kazakhstan authorities. The purchase price for the interest was to be paid by Karasat after the registration of the transfer with the Kazakhstan authorities and upon release of funds from Karasat’s bank financier.
The assignment deed evidencing the assignment of the US$7,740,770 inter-company debt will only become effective upon Orsu’s receipt of the US$7,650,000 purchase price. Receipt was expected not later than February 15, 2017 and Karasat has now informed Orsu that it needs additional time.
Orsu is in discussion with Karasat regarding the terms and consideration for any additional time Orsu may grant and Orsu will assess that proposal against its legal options of recourse available to it.