Amur Minerals Corporation Transaction Update (5569F)
November 07 2022 - 7:37AM
UK Regulatory
TIDMAMC
RNS Number : 5569F
Amur Minerals Corporation
07 November 2022
7 November 2022
AMUR MINERALS CORPORATION
(AIM: AMC)
Transaction Update
Amur Minerals Corporation ("Amur" or the "Company") takes this
opportunity to update shareholders on the status of the Company's
disposal of its AO Kun-Manie wholly owned subsidiary to Bering
Metals LLC (the "Buyer"), a Russian incorporated company. Totaling
US$35 million, the transaction was anticipated for completion in
early November 2022.
However Western introduced restrictions related to the
international transfer of funds from the Russian Federation have
become more restrictive with time. Mainstream international banks
are severely restricting or are no longer allowing such
transactions per their internal compliance protocols. This includes
the Company's bank which has necessitated establishing alternative
banking services. The Buyer and the Company are coordinating
efforts to establish a fully compliant fund transfer allowing for
completion.
Robin Young, CEO of Amur, commented:
"Amur and Bering are keen to complete the sale of AO Kun-Manie
as soon as possible. The majority of our efforts are focused on
establishing a chain of custody for the fund transfer which is
fully compliant with the current geopolitical situation. We look
forward to updating shareholders once the banking restrictions are
successfully solved. With regard to timing, this is dependent upon
banking institutions completion of their Know Your Client ("KYC")
protocols."
Market Abuse Regulation (MAR) Disclosure)
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
Company Nomad and Broker Public Relations
Amur Minerals S.P. Angel Corporate BlytheRay
Corp. Finance LLP
Robin Young CEO Richard Morrison Megan Ray
Adam Cowl Tim Blythe
+44 (0) 7981 126 +44 (0) 20 7138
818 +44 (0) 20 3470 0470 3203
For additional information on the Company, visit the Company's
website, www.amurminerals.com .
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END
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