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Tengri Resources offloading Kyrgyz mining interests for US$6M


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Tengri Resources offloading Kyrgyz mining interests for US$6M

AIM-listed TengriResources plc said April 12 that it is selling its Kyrgyz mineral intereststo Socagest SA for US$6million.

Socagest will acquire the entire share capital of and , both Tengri subsidiariesthat hold the company's mineral exploration and development operations in Talas.

Socagest will pay US$1 million upon the execution of the agreement,another US$4 million on completion of the disposal of the assets, and a final US$1million that will be held in escrow until the second anniversary of the transaction.

Tengri Resources will use part of the execution amount to repayoutstanding creditor balances of US$583,259 for the Talas Mining Companies and theRobust Branch. Tengri will use funds from the completion amount to repay Januarybalances of US$286,717.

Tengri will also use the proceeds to pay certain note holdersapproximately US$4.7 million in respect of principal amounts and interest, and tofund the costs of the disposal.

In December 2015, Tengri saidit would not advance its Taldybulakgold copper project after completing a scoping study.

An extraordinary general meeting will be held May 9 to allowshareholders to vote on the resolution that would allow Tengri to sell its Kyrgyzmining interests. Tengri shareholder RobustResources Ltd. said it will vote in favor of the resolution.