Chaarat completes $55m acquisition of Kapan

Chaarat said Wednesday its subsidiary Chaarat Gold it had completed the acquisition of Kapan from PMTL for a total of $55m.

Of the total consideration of US$ 55m, US$10m was settled on completion in convertible loan notes and $5m was previously paid as a deposit in November 2018.

The remaining US$ 40m would be paid in cash following the execution of 'certain settlement procedures associated with the Kapan Acquisition Financing,' the company said.  

Chaarat shares would be suspended for trading until PMTL Holding had received payment, expected to be completed on 1 February.  Trading in the company's shares was expected to resume on 4-5 February.

'This acquisition is an excellent and complementary addition to Chaarat's portfolio, transforming the Company from a developer to producer with three solid assets in two jurisdictions,' the company said.