Expiry of OAO Severstal Subsc

RNS Number : 5428Z

Berkeley Resources Limited

17 January 2011

 



17 January 2011

BERKELEY RESOURCES LIMITED

EXPIRY OF OAO SEVERSTAL SUBSCRIPTION RIGHT

Berkeley Resources Ltd ("Berkeley") advises that OAO Severstal's right to subscribe for shares in Berkeley pursuant to the Subscription Rights Deed entered into by the parties - as set out in the Company's announcements dated 29 October 2010, 10 December 2010 and 30 December 2010 - expired on 14 January 2011.

Although Berkeley and Severstal were not able to agree the terms under which OAO Severstal would undertake an agreed bid for Berkeley and therefore, OAO Severstal's right to subscribe for shares in Berkeley has lapsed, the parties are continuing discussions in respect to other possible arrangements that may be entered into by them.

Enquiries -       Acting Managing Director:      Henry Horne   Tel:  [phone]

                        RBC Capital Markets:            Martin Eales    Tel: [phone]

BMO Capital Markets:

Sarfraz Visram, Managing Director                Tel: [phone]

Robin Birchall, Vice President                        Tel: [phone]

 

END

 

 

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