Orsu Metals Corporation - ORSUF STOCK NEWS

Orsu Metals Corporation has officially completed its exit from Russia by closing the sale of its 90% interest in the Sergeevskoe gold project. This move follows the termination of a proposed business combination. Shareholders have approved the necessary resolutions to facilitate this transaction.

Management changes include the resignation of directors Sergei Stefanovich and Vladimir Pakhomov, with Sergey Kurzin appointed as Interim Managing Director. The company is exploring potential acquisition opportunities and will seek reinstatement to trading on the TSX Venture Exchange, pending compliance with Exchange requirements.

Orsu Metals Corporation has announced the termination of a non-binding letter of intent (LOI) regarding a proposed reverse takeover involving Invenir Ltd. and Skyfire Ltd. The LOI was not fulfilled by the September 30, 2022 deadline, leading to its cancellation by the target companies. Orsu is now seeking to reinstate trading of its common shares on the TSX Venture Exchange. The announcement includes forward-looking statements that emphasize the uncertainty surrounding the resumption of trading.

Orsu Metals Corporation has announced the sale of its 90% interest in the Sergeevskoe gold project, termed the Disposition, to the holders of the remaining 10% interest. The sale, contingent on a maximum payment of US$4.5 million if the Buyers resell the assets, is critical for the completion of a reverse takeover (RTO) involving Invenir Ltd. and Skyfire Ltd. However, due to recent Russian government sanctions, the future of this sale is uncertain, and the company's Russian subsidiary may face bankruptcy if the transaction does not proceed. Shareholder approval for the sale is required on August 26, 2022.

Orsu Metals Corporation announced an update on its proposed business combination with Invenir Ltd. and Skyfire Ltd., as per the letter of intent dated May 24, 2022. The plan involves a reverse takeover, creating a new entity focused on global helium exploration and development. This entity, anticipated to be named Pulsar Helium Inc., will manage the Topaz helium project and Tunu helium project. The transaction is contingent upon obtaining necessary regulatory approvals, securing a minimum of $5 million in concurrent financing, and disposing of existing Russian assets.

Orsu Metals Corporation (TSXV:OSU) announced an extension of its incentive stock options granted on September 21, 2017. The Options, allowing the purchase of 2,845,000 common shares at C$0.13, will now expire on June 21, 2023, extending by nine months from the original date. This Extension is pending approval from the TSX Venture Exchange and shareholders at the upcoming meeting on August 26, 2022. Insider votes are excluded from the decision.

Orsu Metals Corporation has announced a non-binding letter of intent (LOI) with Invenir Ltd. and Skyfire Ltd. to undergo a reverse takeover and transition into a global helium explorer. The resulting entity will control helium projects in the USA and Greenland, with the Topaz project showing a 10.5% helium flow. Following the transaction, Orsu will consolidate shares, and existing shareholders will hold about 14% in the new entity. A concurrent financing of at least $5 million is planned to support the venture.

Orsu Metals Corporation owns a 90% stake in the Sergeevskoe gold exploration project in Russia, leased until 2031. In February 2022, international sanctions imposed on Russia due to its invasion of Ukraine have raised concerns about funding operations, particularly for the Sergeevskoe project. These sanctions may hinder the company's ability to finance its activities in Russia, raising risks for business viability. Orsu is currently analyzing the situation and potential impacts on its operations.

Orsu Metals Corporation has issued 559,908 shares for services, adjusting from a previously announced 675,292 shares. As of December 31, 2021, the total accrual amounts to the Canadian equivalent of $145,576, fully settled by the issued shares priced at $0.26, the closing share price on that date. The shares are subject to a four-month and a day hold period following issuance.

Orsu Metals Corporation plans to issue 675,292 shares in exchange for services rendered. This decision stems from an agreement made in 2017, allowing directors, officers, and a consulting advisor to opt for shares instead of fees, pending approval from the TSX Venture Exchange. As of December 31, 2021, the accrued amount for this payment totals the Canadian equivalent of $175,576, equating to a share price of $0.26 per share. All shares will be subject to a four-month hold period following issuance.