Polymetal International Plc (POLY.L) said it has sold 100% of Amikan Holding Ltd., which owns the Veduga gold deposit in the Krasnoyarsk region of the Russian Federation, to Polygon Gold Inc., a private company incorporated in the Province of British Columbia, Canada.
Polymetal got consideration of $20 million in cash and 750 ordinary shares of Polygon resulting in an 81.8% equity ownership in Polygon.
Polygon will operate as a standalone company with independent management, while Polymetal plans to provide certain technical and regulatory assistance to Polygon on an ongoing basis. Over time Polymetal may dilute its equity stake in Polygon if external equity financing is raised, Polymetal noted.
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by RTT Staff Writer
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