Aricom purchases two Option Licenses from the BVI Holding Companies
The Anglo-Russian developer of mineral resources AM Aricom Plc announced that it has purchased options to buy two further licences that will expand significantly the existing Aricom projects K&S and Garinskoye - the Garinskoye Flanks license and the Kostenginskoye license. Aricom’s unit has already made two cash payments of US$22.5 mln for granting the options.
The Garinskoye Flanks license is owned by a Cypriot company Guiner Enterprises Ltd, which is owned by two British Virgin Islands companies – Myrtle Corp. Ltd and Ardoryna Commercial Ltd. The shareholders of Guiner Enterprises have conditionally agreed to sell their shares in Cypriot company to Aricom. Aricom’s wholly owned subsidiary Aricom UK Ltd. has signed option agreements to acquire the indirect holders of the two licenses. Both assets are US$80 mln, comprising US$40 mln for each asset.
The Garinskoye Flanks deposit covers an area of 3,530 km surrounding Aricom’s currently owned Garinskoye license, and is estimated to contain nearly 1 billion tonnes of reserves and resources. The area of the Kostenginskoye iron ore deposit is about 24 km.