Subscription Agreement with China Nonferrous Metals Int'l Mining Co
Ltd>
Subscription Agreement with China Nonferrous Metals Int'l Mining Co Ltd
(Thomson Reuters ONE) - For immediate release 13/07/09 Chaarat Gold Holdings Ltd ("Chaarat" or "the Company") Subscription Agreement with China Nonferrous Metals Int'l Mining Co LtdRoad Town, Tortola, British Virgin Islands (13 July 2009).The Company announces today the signing of a subscription agreementwith China Nonferrous Metals Int'l Mining Co Ltd ("CNMIM"). CNMIMwill subscribe for 22,469,289 shares in the Company at 25p per sharefor a total consideration of £5,617,322. The subscription is subjectto the regulatory approval of the Chinese Government, which isexpected to be received in September 2009.On completion CNMIM's shareholding will represent 19.9% of theCompany's (non fully diluted) issued share capital. CNMIM will havethe right to appoint two directors to the board of the Company aslong as its interest in Chaarat does not fall below 15%, and onedirector as long as its interest does not fall below 10%, in eithercase for a period exceeding 6 months. Chaarat undertakes that when itissues further shares CNMIM will be invited to participate in orderto maintain its level of shareholding on the same terms as offered toother subscribers or, where options are exercised, by reference tothe market share price prior to exercise. Chaarat further agreed notto exercise its right to require CNMIM to make a cash offer toshareholders under the Company's articles of association, unlessCNMIM reaches a 30% threshold. Chaarat was advised in the deal bySomerley Limited from Hong Kong.Dekel Golan CEO comments: "This is a significant milestone for ourCompany. This investment will enable us to complete the feasibilitystudy and all other studies required for taking the project towardsdevelopment. CNMIM, being very familiar with the Chinese miningenvironment will be able to assist in introducing the Company tofinancial institutions interested in financing projects such asChaarat and to various contractors and service providers required forsuch development."David Tang CEO of CNMIM comments: "We are delighted to be associatedwith Chaarat and look forward to working with the existing team todrive forward this exciting project."About the Chaarat Gold ProjectThe Chaarat project is situated within the Middle Tien Shan Mountainsof Kyrgyzstan which form part of the Tien Shan gold belt. At thecompletion of the 2008 exploration season a mineral resource of3.34Moz of gold at a grade of 4.30 g/t (JORC compliant in theIndicated and Inferred categories) had been delineated. The Company'sexploration programme is aimed at increasing the confidence levels inthe resource through infill drilling through down-dip andalong-strike extension drilling whilst developing a pre-feasibilitystudy to demonstrate the economic viability of the deposit.About Chaarat Gold Holdings or the CompanyChaarat Gold Holdings is an exploration company founded for thepurpose of developing the Chaarat License Area. Chaarat was admittedto AIM on 8 November 2007.DisclaimerThis press release includes forward-looking statements. Suchforward-looking statements involve known and unknown risks,uncertainties and other important factors beyond Chaarat's controlthat would cause the actual results, performance or achievements ofChaarat to be materially different from future results, performanceor achievements expressed or implied by such forward-lookingstatements. Such forward-looking statements are based on numerousassumptions regarding Chaarat's present and future businessstrategies and the environment in which Chaarat will operate in thefuture. Any forward-looking statements speak only as at the date ofthis document. Chaarat expressly disclaims any obligation orundertaking to disseminate any updates or revisions to anyforward-looking statements contained in this document to reflect anychange in Chaarat's expectations with regard to these or any changein events, conditions or circumstances on which any such statementsare based. As a result of these factors, the events described in theforward-looking statements in this press release may not occur eitherpartially or at all.Enquiries:Chaarat Gold Holdings Ltdc/o Central Asia Services Ltd Tel: +44 (0) 20 7499 2612Dekel Golan dekel(at)chaarat.comLinda Naylor linda.naylor(at)chaarat.comHarry Lopes harry.lopes(at)chaarat.comCanaccord Adams Limited Tel: +44 (0) 20 7050 6500Mike JonesSmith's Corporate Advisory Tel: +44 (0) 20 7239 0140Dominic Palmer-Tomkinson tomkinson(at)smiths-ca.com---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 13.07.2009 - 08:00 Uhr
Sprache: Deutsch
News-ID 3464
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