Make Kitco Your Homepage

Irish miner IMC buys Karaberd Mine in Armenia

Kitco News

IMC Exploration Group said today that it conditionally agreed to purchase the Karaberd Mine, a gold mine located in Lori Marz, northern Armenia.

IMC said the transaction will be transformational, taking the group "...from being a purely junior mining exploration company to being both a mining exploration company and a mining company."

"Having a source of cash-flow should markedly improve the Group’s ratings in the financial markets and accordingly enhance the Groups growth prospects through greater access to capital."

The company said that the acquisition involves the issue of several tranches of shares to the Seller, each tranche being conditional on the occurrence of certain milestones. The issue of the Initial Consideration Shares to the Seller will result in the Seller holding 51% of the enlarged issued share capital of IMC.

IMC holds three main projects in Ireland.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.