Irish miner IMC buys Karaberd Mine in Armenia
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.