Polymetal acquired Kapan in April 2016 for $38-million. The transaction is expected to result in a $3-million accounting profit for the company, which it plans to use to reduce debt. Polymetal also granted Chaarat, which has a staged merger and acquisition strategy, an exclusive right for a period of six months from completion and a right of first refusal for a period of 12 months upon expiry of the exclusivity period in relation to Polymetal's other interests in Armenia, including the Lichkvaz deposit.