Orsu Metals Updates Status of Reverse Take Over

VANCOUVER, BC / ACCESSWIRE / June 29, 2022 / Orsu Metals Corporation (TSXV:OSU) ("Orsu" or the "Company"). As announced on May 24, 2022, Orsu entered into a non-binding letter of intent (the "LOI") with Invenir Ltd. ("Invenir") and Skyfire Ltd. ("Skyfire", collectively, the "Target Companies"), pursuant to which Orsu and the Target Companies will complete a business combination that will result in a reverse takeover and change of business of Orsu (the "Proposed Transaction"). The Target Companies are arm's length's parties to the Company.The entity resulting from the Proposed Transaction (the "Resulting Issuer") will be a global helium explorer and developer with exclusive rights to the Topaz helium project in the USA, which has been drilled and flowed 10.5% helium, and a 100% interest in the Tunu helium project in Greenland. It is anticipated that following completion of the Proposed Transaction, the Resulting Issuer will qualify as a Tier 2 Industrial Issuer on the TSX Venture Exchange.The ratio of the Company's proposed share consolidation (the "Consolidation") and the percentage holdings of the post-Consolidation common shares of the Company by the shareholders of the Target Companies as disclosed in the Company's May 24, 2022 news release may be adjusted based on the final pricing and final amount raised by the Concurrent Financing.Completion of the Proposed Transaction is subject to a number of conditions, including receipt of all necessary regulatory approvals, including shareholder approval if required, execution of related transaction documents, approval of the Exchange, disposition of the Company's existing Russian assets, there being no adverse material change in the affairs of the parties and completion of satisfactory due diligence by each of the parties.Further details of the Proposed Transaction will be included in subsequent news releases and disclosure documents (which will include business and financial information in respect of the Target Companies) to be filed by the Company in connection with the Proposed Transaction.
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