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Kopy Goldfields publ AB completes sale of Kavkaz and Prodolny licenses, updates on joint venture with GV Gold and announces further personnel cuts


Monday, 24 Feb 2014 02:55am EST 

Kopy Goldfields publ AB:Says it has sold 100 pct of the two subsidiaries LLC Kavkaz Gold and LLC Prodolny, holding the licenses for Kavkaz and Prodolny.Says the sale was recorded in the Group accounts during the fourth quarter of 2013.Says the total sales amount was 50 mln Russian rubles, corresponding to about 10 mln Swedish crowns or $1.5 mln, of which 10 pct was received upon signing in Dec. 2013.Says the remaining part corresponding to 45 mln Russian rubles was received in Feb.Says the transaction is completed.Says it announced that letter of intent was signed with Russian gold producer GV Gold to develop Krasny project as a joint venture earn-in deal.Says the companies are developing a shareholders' agreement over the Krasny project that will specify the relations between the parties during the life of the project.Says it is implementing some changes in the corporate structure to prepare for the transaction. 

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