CGH Chaarat Gold Holdings Ltd

 
TIDMCGH 
 
Chaarat Gold Holdings Limited 
 
                          ("Chaarat" or "the Company") 
 
                   Completion of Acquisition of Kyrex Limited 
 
Road Town, Tortola, British Virgin Islands (27 July 2010) 
 
Chaarat Gold Holdings Limited (AIM: CGH) is pleased to announce that, further to 
the Company's announcement of 15 July 2010 regarding the proposed acquisition of 
Kyrex Limited ("Kyrex") (the "Offer"), all conditions relating to the Offer have 
now been satisfied. 
 
The  Offer comprised 54 fully  paid Chaarat ordinary  shares of US$0.01 each for 
each  Kyrex share.  The aggregate consideration for  the whole of the issued and 
to  be  issued  share  capital  of  Kyrex  comprises 11,928,222 shares (the "New 
Shares"),  which equates to 9.73 per cent. of the Company's issued share capital 
prior to the issue of the New Shares. 
 
The  New Shares will be issued under the existing power granted to the Directors 
to  allot shares.   Application has  been made  and it  is expected that the New 
Shares  will  be  admitted  to  trading  on  AIM on 28 July 2010.  Following the 
admission of the New Shares to trading on AIM there will be 134,473,900 ordinary 
shares in issue. 
 
Investment by China Nonferrous Metals International Mining Co Ltd ("CNMIM") 
 
Pursuant  to  its  subscription  agreement  with  CNMIM, Chaarat is obligated to 
notify  CNMIM of its intention  to issue new shares  and CNMIM has the option to 
maintain  its percentage holding  in the Company  at 19.9 per cent. of Chaarat's 
issued  share capital.  Notice of the issue of the New Shares and also the issue 
of  shares relating to the placing  announced on 1 July 2010 (the "Placing") was 
given to CNMIM. 
 
Chaarat  is pleased to announce that CNMIM  has confirmed to the Company that it 
will  subscribe for such number of shares to maintain its 19.9 per cent holding. 
 The  proceeds from  the subscription  are estimated  to be  in the order of  GBP2m 
which,  with the  proceeds of  the Placing,  means that  the Company  has raised 
approximately   GBP5.85m (before expenses).  The investment  by CNMIM in Chaarat is 
subject  to the necessary regulatory approvals from the Chinese government, such 
approvals  are expected by 31 October  2010 and a further announcement regarding 
the issue of these shares will be made in due course. 
 
 
 
Enquiries: 
 
 Chaarat Gold Holdings Ltd 
 
 c/o Central Asia Services Ltd                   +44 (0) 20 7499 2612 
 
 Dekel Golan                                        dekel@chaarat.com 
 
 Linda Naylor                                linda.naylor@chaarat.com 
 
 
 
 Westhouse Securities Limited                    +44 (0) 20 7601 6100 
 
 Tim Feather                      tim.feather@westhousesecurities.com 
 
 Richard Baty                    richard.baty@westhousesecurities.com 
 
 
 
 Smith's Corporate Advisory                      +44 (0) 20 7239 0140 
 
 Dominic Palmer-Tomkinson                     tomkinson@smiths-ca.com 
 
 
 
 Conduit PR                                      +44 (0) 20 7429 6603 
 
 Jos Simson                                         jos@conduitpr.com 
 
 Emily Fenton                                     emily@conduitpr.com 
 
 
 
 
Chaarat 
 
Chaarat  is  an  exploration  and  development  company  operating in the Kyrgyz 
Republic  with its  current main  activity being  the development of the Chaarat 
Gold  Project.  The Chaarat Gold Project is situated within the Middle Tien Shan 
Mountains of Kyrgyzstan which form part of the Tien Shan gold belt.  The Company 
has  thus far  delineated a  JORC compliant  mineral resource  of 4.009 Moz at a 
grade of 4.14 g/t gold.  A scoping study demonstrating the economic viability of 
the  Chaarat Gold  Project was  completed at  the end  of 2008.  The  Company is 
currently  in  the  process  of  compiling  a  pre-feasibility study.  Chaarat's 
objective  is to become a low cost gold producer targeting an initial production 
of over 200,000 ounces per annum by early 2013. 
 
 
Disclaimer 
 
This  press  release  includes  forward-looking statements. Such forward-looking 
statements  involve known and  unknown risks, uncertainties  and other important 
factors   beyond   Chaarat's  control  that  would  cause  the  actual  results, 
performance  or achievements of  Chaarat to be  materially different from future 
results,   performance   or   achievements   expressed   or   implied   by  such 
forward-looking   statements.  Such  forward-looking  statements  are  based  on 
numerous  assumptions regarding Chaarat's present and future business strategies 
and   the  environment  in  which  Chaarat  will  operate  in  the  future.  Any 
forward-looking  statements speak only as at the date of this document.  Chaarat 
expressly  disclaims any obligation or undertaking to disseminate any updates or 
revisions  to  any  forward-looking  statements  contained  in  this document to 
reflect  any change in Chaarat's expectations with regard to these or any change 
in  events, conditions or circumstances on  which any such statements are based. 
As  a  result  of  these  factors,  the  events described in the forward-looking 
statements in this press release may not occur either partially or at all. 
 
 
[HUG#1434158] 
 
 
 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Chaarat Gold Holdings Ltd via Thomson Reuters ONE 
 

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