Chaarat Gold Holdings Ltd
("Chaarat" or "the
Company")
Placing of 18.6 million new
ordinary shares
Road
Town, Tortola, British Virgin Islands (1 May 2009).
The funds will be used to complete the Prefeasibility
Study and continue to undertake other activities aimed at enhancing
shareholder value. Following completion of the Placing, the Company will have
cash resources of approximately £2.3m.
The Placing Shares are being issued credited as fully paid
and will rank pari passu with the existing Ordinary Shares.
The Company will apply for the Placing Shares to be
admitted to trading on the AIM market of the London Stock Exchange and it is
expected that Admission will take place and that trading will commence in
such shares on or about 11 May 2009.
Canaccord Adams has entered into a placing agreement with
the Company pursuant to which Canaccord Adams agreed to use its reasonable
endeavours to place the Placing Shares at the Placing Price. The Placing has
not been underwritten. Christopher Palmer Tomkinson, Dekel Golan and Oliver
Greene, all of whom are Directors, have agreed to subscribe in aggregate for
4,118,133 Ordinary Shares at the Placing Price.
The placing of the Placing Shares is conditional upon,
inter alia, Admission becoming effective and upon the Placing Agreement not
being terminated in accordance with its terms.
Upon Admission, the Company will have 90,441,714 Ordinary Shares of $0.01
each in issue (the "Enlarged Share Capital"). As such, the total
number of voting rights which will be attached to the Enlarged Share Capital
on the basis of one vote per ordinary share held will be 90,441,714.
The above total voting rights figure may be used by
Shareholders as the denominator for the calculations by which they will
determine whether they are required to notify their interests in, or a change
to their interest in, the Company under the FSA's Disclosure and
Dekel Golan CEO comments: "The company is
delighted with the success of this placing which has been supported by many
of our existing shareholders and officers. The funds raised should we believe
enable the company to meet its objective of completing the Prefeasibility
Study, expected to be published during the second half of this year, as well
as carrying out further exploration work aimed at increasing our resource
estimate and providing greater confidence in the potential for the Chaarat
Licence Area.
About the Chaarat Gold Project
The Chaarat project is situated within the Middle Tien
Shan Mountains of Kyrgyzstan which form part of the Tien Shan gold
belt. At the completion of the 2008 exploration
season a mineral resource of 3.34Moz at a grade of 4.30 g/t gold (JORC
compliant in the Indicated and Inferred categories) had been delineated. The
Company's exploration programme is aimed at increasing the confidence levels
in the resource through infill drilling through down-dip and along-strike
extension drilling whilst developing a pre-feasibility study to demonstrate
the economic viability of the deposit.
About Chaarat Gold Holdings or the Company
Chaarat Gold Holding is an exploration company founded for
the purpose of developing the Chaarat License Area. Chaarat was admitted to
AIM on 8 November 2007.
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.
Chaarat Gold Holdings Ltd
|
|
c/o Central Asia Services Ltd
|
Tel: +44 (0) 20 7499 2612
|
|
|
|
|
|
Tel: +44 (0) 20 7050 6500
|
|
|
|
|
Smith's Corporate Advisory
|
Tel: +44 (0) 20 7239 0140
|
|
|
|