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Kazakhstan Potash Corporation Limited Signs Framework Agreement In Acquisition Of Satimola Limited


Friday, 28 Dec 2012 12:20am EST 

Kazakhstan Potash Corporation Limited (Fortis Mining Ltd) announced that it has signed a Framework Agreement which has the intent to acquire 100% shareholding in Satimola Limited which holds the Satimola Potash Deposit in the Republic of Kazakhstan. Satbor LLP is a wholly owned subsidiary of Satimola Limited in Kazakhstan and holds the license for exploration and exploitation to the Satimola Potash Deposit. The purchase price will be paid for by an issue of 100 million shares of the Company, within 1 month after transfer of the shares of Satimola Limited into the Company. The Company separately commits to arrange for these shares to be bought back or sold at USD 1.50 each. In addition, the Company agrees to provide debt financing of up to USD 10 million in instalments to fund working capital of Satbor LLP in Kazakhstan. 

Company Quote

0.21
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17 Apr 2014