Nelson Resources Ltd's gold interests in the Republic of Tajikistan in Central Asia will be bought by Avocet Mining PLC. These interests are held through Nelson's wholly owned unit Commonwealth and British Minerals Ltd (CBM) and include a 44 pct shareholding in Zeravshan Gold Co.
Under the deal Avocet is to purchase 100 pct of Nelson's equity interest in CBM for 14 mln shares of the common stock of Avocet. As a result, Nelson's shareholding in Avocet would become 17.6 pct. As further consideration, Avocet is to make a cash payment to Nelson equivalent to the value of CBM's interest in the net working capital of ZGC.