Amur Minerals Corporation (AIM:AMC, OTC:AMMCF) said the sale of 100% of its interest in AO Kun-Manie has been agreed for a total of US$35mln to Bering Metals LLC.
The nickel-copper explorer noted that the price represents a premium of 119% to the company's market capitalisation of 3 August and 44% to the current Kun-Manie book value of US$24.3mln as at 31 December.
If the deal is fully approved, Amur said it intends to pay a special dividend of 1.8p per share following receipt of the consideration, within 90 days of completion.
As well as shareholder approval at a general meeting scheduled for 24 August, the deal also requires the approval by a newly created Russian Federation government commission per a presidential decree in March, which specifically addresses change of control of western held assets and the consent of the Federal Antimonopoly Service of Russia.
Bering will purchase AO KM and the benefit of all amounts owed by AO KM to Amur under intra-group loans. AO KM holds the detailed exploration and mine production mineral licence for the Kun-Manie nickel-copper sulphide project located in Amur Oblast of the Russian Federation.
Shares in Amur leapt 49% to 1.32p on Friday.