Bermuda-based Nelson Trade & Finance (TSE) will acquire Commonwealth & British Minerals, which is involved in a gold-mining joint venture with the Tajikistan government. Nelson already has a 20% stake in Commonwealth.
In Tajikistan, Commonwealth is earning a 49% interest in the Taror gold mine and milling complex and 49% in a gold exploration project in the Zeravshan Valley. The agreement calls for Nelson to acquire a further 5% of Commonwealth for US$2.5 million.
Nelson would then acquire the remaining 75% interest from C.G.S. Trust by issuing shares (10-12 million), issuing a US$5-million note payable by June 30, 1995, and issuing a US$5-million non-interest-bearing note payable on attainment of a certain minimum level of gold production.
The agreement is subject to due diligence by Nelson, as well as regulatory and shareholder approval.
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