GV Gold repurchases the shares held by the EBRD before the scheduled date
GV Gold (Vysochaishy, PJSC) forwarded a notice to the European Bank for Reconstruction and Development (the EBRD) on an early repurchasing of the full equity stake of 5.26% fr om the Bank. The final payment will total c. USD 39 million. It will be determined as at the date of the EBRD’s withdrawal from shareholding in GV Gold in accordance with the Share Purchase Agreement (SPA). The indicative payment date is November 01, 2017.
Scheduled repurchasing of the equity stake held by the EBRD is carried out by GV Gold within the framework of the agreement signed between SAKHA Gold Mining, CJSC, GV Gold Aldan business unit and the EBRD in December 2015. The parties planned to effect a complete cessation of the Bank’s shareholding by August 31, 2018. As at September 22, 2017, GV Gold had fulfilled a part of its shares repurchasing obligations to the EBRD in the amount of USD 23 million.
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GV Gold (Vysochaishy, PJSC) is an actively developing group of companies with high production efficiency level. It ranks in the Russia’s TOP 10 gold mining companies list. The Company carries out its activity in the Irkutsk Region and the Republic of Sakha (Yakutia), wh ere its Irkutsk, Taryn and Aldan business units are located and large scale exploration operations are carried out.