Chaarat Gold Holdings Ltd Chaarat Gold Holdings Limited Placing of ÂGBP2.6 million
09 Novembro 2010 - 9:59AM
UK Regulatory
TIDMCGH
* Issue of 5,700,000 new ordinary shares at 46p to ASVI Inc. ("ASVI"), a
company based in Malaysia which is involved in providing high end technical
support to mining projects.
Road Town, Tortola, British Virgin Islands (9 November 2010)
Chaarat Gold Holdings Limited (AIM: CGH) ("Chaarat" or the "Company"), the gold
exploration and development company operating in the Kyrgyz Republic, is issuing
5,700,000 new ordinary shares of US$0.01 each (the "Placing Shares") at a
placing price of 46 pence per share (the "Placing") to ASVI.
As announced on 2 November 2010 the anticipated investment of approximately GBP2
million by China Nonferrous Metals International Mining Co Ltd ("CNMIM") has
been cancelled due to the regulatory delays in obtaining approval for the
investment. ASVI indicated its interest in buying the shares from the cancelled
CNMIM subscription at close to market price, thereby generating approximately
15% more cash for the Company than through the CNMIM investment, which would
have taken place at 40p per share.
Following the issue of the Placing Shares there will be 147,033,900 ordinary
shares of US$0.01 in issue. The Placing Shares will, following allotment, rank
pari passu in all respects with the existing issued shares. The Placing, which
is being conducted under the existing power granted to the Directors to allot
shares, is expected to be completed at 8.00 a.m. on 15 November 2010 on
admission of the Placing Shares to trading on AIM.
Commenting on the Placing, Dekel Golan, CEO of Chaarat, said:
"ASVI, which has substantial expertise in various mining fields, will assist
Chaarat by providing high level consulting advice including on the exploration
and project development of the Chaarat projects.
"We see this subscription as a strong endorsement of both the Chaarat and
Tulkubash projects as well as our management team. Whilst Chaarat is fully
funded to complete the Definitive Feasibility study of the Tulkubash project as
well as the Pre-feasibility study of the Main project, these additional funds
will enable the Company to commence certain development activities earlier than
originally anticipated."
Chaarat is required to give notice to CNMIM if it intends to issue any Chaarat
shares for cash or non cash consideration. CNMIM may within 15 business days of
receipt of the notice give written notice to require Chaarat to issue such
number of Chaarat shares to CNMIM on the same terms as the Placing Shares, as is
necessary to maintain the percentage holding of CNMIM prior to the Placing. The
required notice in respect of the issue of the Placing Shares will be sent to
CNMIM and a further announcement made, if appropriate.
Further information about the Company:
Chaarat Gold Holdings Limited +44 (0) 20 7499 2612
c/o Central Asia Services Ltd dekel@chaarat.com
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 7321 2508
Dominic Palmer-Tomkinson tomkinson@smiths-ca.com
Conduit PR +44 (0) 20 7429 6603
Jos Simson jos@conduitpr.com
Emily Fenton emily@conduitpr.com
Note to Editors:
About Chaarat Gold
Chaarat Gold is an exploration and development company operating in the Kyrgyz
Republic. The Company's main activity is the development of the Chaarat Main and
Tulkubash projects 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
across both deposits. The Company is currently in the process of compiling a
Pre-Feasibility study on the Main Project and a Definitive Feasibility Study on
the Tulkubash project. Chaarat's objective is to become a low cost gold
producer targeting production of over 200,000 ounces per annum by early 2013
from the Chaarat Main project with first production from the smaller Tulkubash
project in Q4 2011
www.chaarat.com
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#1460433]
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
Chaarat Gold (LSE:CGH)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Chaarat Gold (LSE:CGH)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024
