Amur Minerals confirmed the receipt of US$35mln following the sale of its 100% interest in its nickel-copper sulphide asset, Kun-Manie, in Russia.
A special dividend of 1.8p per share will be paid to shareholders within 90 days of receipt of funds, according to a statement.
The asset was sold to Bering Metals, and was approved by shareholders last August. Following the disposal of Kun-Manie on 6 March, AIM listed Amur became an AIM Rule 15 cash shell. As such, the exploration company is required to make an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14 on or before 6 September.
Alternatively, the company could be re-admitted to trading on AIM as an investing company under AIM Rule 8, it said. Failing the above, the group’s ordinary shares will be suspended from trading on AIM and, if suspended for six months, admission of its shares will be cancelled.