Petropavlovsk Plc has corrected an option agreement with Agestina Ltd (Cyprus) to buy 25% in TEMI LLC, which owns a license to develop the Elginskoye ore field.
The amendments presuppose a fixed cost of new shares in the volume of £0.179 per share, with the pound sterling rate of $1.3206. This will allow Petropavlovsk decreasing the number of shares to be issued for Agestina by 28 million pieces.
As a result of the deal the Cyprus company will become a Petropavlovsk shareholder with the share of some 6.4%.
The purchase of the Elga asset will let the company extend the Albyn mine development for 19 years. (Ukrainian metal)