VANCOUVER, BC / ACCESSWIRE / March 21, 2023 / Orsu Metals Corporation (NEX:OSU.H) ("Orsu" or the "Company") reports that the three directors of the Company: Sergey Kurzin, David Rhodes and Mark Corra have resigned effective immediately.
A year ago, the Board had considered the sanctions made against Russia due to Russia's invasion of Ukraine, neither of which were expected to be resolved quickly. Given the Company's limited cash treasury and inability to raise additional equity financing, as a result of the sanctions against Russia, the Board determined that continuing with the development of the Sergeevskoe project was not a viable option. The Company's shareholders overwhelmingly approved the disposition of Sergeevskoe on August 26, 2022.
On October 14, 2022, the Company announced the termination of the non-binding letter of intent with respect to a business combination that would have resulted in a reverse takeover and change of business for Orsu.
Subsequently, the Company was unsuccessful in discussions and evaluation of several other potential acquisitions with the intent to be combined with a concurrent equity financing with an aim to move the Company forward.
The Board has exhausted its efforts and with regret has resigned.
ON BEHALF OF THE BOARD
Interim Managing Director
For further information, please contact:
Sergey Kurzin, at +44 (0) 207 518 3999 or email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Orsu Metals Corporation