Transaction Update

RNS Number : 5569F

Amur Minerals Corporation

07 November 2022

 

7 November 2022

AMUR MINERALS CORPORATION

(AIM: AMC)

Transaction Update

Amur Minerals Corporation ("Amur" or the "Company") takes this opportunity to update shareholders on the status of the Company's disposal of its AO Kun-Manie wholly owned subsidiary to Bering Metals LLC (the "Buyer"), a Russian incorporated company.  Totaling US$35 million, the transaction was anticipated for completion in early November 2022.

However Western introduced restrictions related to the international transfer of funds from the Russian Federation have become more restrictive with time.  Mainstream international banks are severely restricting or are no longer allowing such transactions per their internal compliance protocols.  This includes the Company's bank which has necessitated establishing alternative banking services.  The Buyer and the Company are coordinating efforts to establish a fully compliant fund transfer allowing for completion. 

Robin Young, CEO of Amur, commented:

"Amur and Bering are keen to complete the sale of AO Kun-Manie as soon as possible.  The majority of our efforts are focused on establishing a chain of custody for the fund transfer which is fully compliant with the current geopolitical situation.  We look forward to updating shareholders once the banking restrictions are successfully solved.  With regard to timing, this is dependent upon banking institutions completion of their Know Your Client ("KYC") protocols."

Market Abuse Regulation (MAR) Disclosure)

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

Company Amur Minerals Corp.	Nomad and Broker S.P. Angel Corporate Finance LLP	Public Relations BlytheRay
Robin Young CEO	Richard Morrison Adam Cowl	Megan Ray Tim Blythe
[phone]	[phone]	[phone]

For additional information on the Company, visit the Company's website, www.amurminerals.com .

 

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