The potential buyers of Orsu Metals Corporation’s Akdjol-Tokhtazan project in the Kyrgyz Republic have not exercised their option to purchase the project before the deadline of December 31.
Consequently, the agreement has lapsed and ongoing discussions between the company and the potential buyers will continue on a non-exclusive basis.
On April 7, 2015, the London-based dual listed base and precious metals exploration and development company signed an exclusivity agreement with David-Invest LLP, a Kyrgyz registered company, and a related company, David Way Limited, a Hong Kong registered company, relating to the Akdjol-Tokhtazan sale.
In parallel with the ongoing discussions, Orsu will consider the available options for the project and will re-appraise the classification and carrying value of the project as at December 31, 2015.
Orsu will retain the $400,000 non-refundable deposit received from the potential buyers and recognise this as income for the year ended December 31, 2015.