Mr. Sergei Stefanovich reports
ORSU METALS CONTINUES FROM THE BVI TO BC CANADA
The shareholders of Orsu Metals Corp. approved the continuation of the company from the British Virgin Islands to British Columbia, Canada, at the annual general and special shareholder meeting held June 26, 2020.
As detailed in the management information circular for the AGSM, new legislation in the BVI has introduced economic substance requirements applicable to all legal entities carrying on relevant activities in the BVI unless they can demonstrate that they are resident for tax purposes in a jurisdiction outside the BVI. As Orsu is a legal entity which is tax resident in the BVI and is carrying on a relevant activity in the BVI within the meaning of this new legislation, Orsu must demonstrate economic substance by having its mind and management located in the BVI and by conducting and financing its headquarters operations in the BVI. Orsu does not meet these requirements, and as it does not intend to bring itself into compliance by relocating its management and operations to the BVI, it has continued out of the BVI into B.C. with effect on June 30, 2020.
About Orsu Metals Corp.
Orsu Metals is a mineral exploration and development company. The 90-per-cent-owned Sergeevskoe gold project located in the Mogocha district of the Zabaikal'skiy region of the Russian Federation is the focus of Orsu's activities.
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