- Centerra Gold (CG) has closed of the previously-announced global arrangement agreement with Kyrgyzaltyn JSC and the Government of the Kyrgyz Republic
- The agreement concerns the disposition of Centerra’s ownership of the Kumtor mine and investment in the Kyrgyz Republic and termination of Kyrgyzaltyn’s involvement with the company
- Centerra has purchased and cancelled all of Kyrgyzaltyn’s 77,401,766 Centerra common shares
- This is in exchange for Centerra’s 100% equity interest in its two Kyrgyz subsidiaries
- Centerra Gold Inc. is a Canadian-based gold mining company
- Centerra Gold Inc. was down 2.112 per cent, trading at $7.88 as at 10:25 AM ET
Centerra Gold (CG) has closed a global arrangement agreement with Kyrgyzaltyn JSC and the Government of the Kyrgyz Republic.
The previously announced agreement is in connection with the disposition of Centerra’s ownership of the Kumtor mine, investment in the Kyrgyz Republic, and the termination of Kyrgyzaltyn’s involvement with the company.
Following the completion of the transaction, Centerra has purchased and cancelled all of Kyrgyzaltyn’s 77,401,766 Centerra common shares.
This is in exchange for Centerra’s 100 per cent equity interest in its two Kyrgyz subsidiaries, and indirectly, the Kumtor mine (with Kyrgyzaltyn and the Kyrgyz Republic assuming all responsibility for the Kumtor mine, including all reclamation and environmental obligations).
The exchange also includes aggregate cash payments of approximately US$85 million (a portion of which was withheld on account of Canadian withholding taxes payable by Kyrgyzaltyn).
Following the terms of the arrangement agreement, the parties have provided full and final releases of all claims related to the Kumtor mine.
Furthermore, Kyrgyzaltyn’s two director nominees, Dushen Kasenov and Nurlan Kyshtobaev, have resigned from Centerra’s Board of Directors, and the restated shareholders agreement between, among others, Centerra and Kyrgyzaltyn, has terminated.
With the purchase and cancellation of a total of 77,401,766 Centerra common shares previously held by Kyrgyzaltyn in line with the transaction, the company has 220,083,541 Centerra common shares outstanding as at the date.
Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold and copper properties in North America, Turkey, and other markets worldwide.
Centerra Gold Inc. was down 2.112 per cent, trading at $7.88 as at 10:25 AM ET.
