Placing to raise GBP165,500

RNS Number : 6573A

Chaarat Gold Holdings Ltd

24 December 2014

 

Chaarat Gold Holdings Limited

("Chaarat" or "the Company")

Placing to raise GBP 165,500

Road Town, Tortola, British Virgin Islands (24 December 2014).

Chaarat (AIM:CGH) is pleased to announce that it has raised GBP 163,500 (USD 255,060) through the issue of 1,090,000 new ordinary shares (the "Ordinary Shares") of USD 0.01 each in the capital of the Company (the "Placing Shares") at a price of GBP 0.15 (USD 0.234) per share (the "Placing Price") to certain long-standing shareholders of Chaarat (the "Placees") ("the Placing").  In addition, three year warrants have been issued to the Placees to subscribe for one Ordinary Share per Placing Share at the Placing Price. 

On 18 December 2014 Chaarat announced a placing to raise USD 5 million (GBP 3,205,128) through the issue of 21,367,521 Placing Shares to Fasanara Capital Credit Strategies Fund, following which a number of long standing shareholders expressed an interest in investing in the Company on the same terms.

The Placees include the Chairman of Chaarat, who as a trustee of the Christopher Palmer-Tomkinson 2012 Trust, has participated in the Placing by subscribing for 175,000 Placing Shares.  Following the issue and allotment of the Placing Shares, Christopher Palmer-Tomkinson holds a beneficial interest of 6,275,000 Ordinary Shares, representing 2.30% of Chaarat's issued share capital.

Dekel Golan, CEO of Chaarat, comments: "We are pleased with this further investment and very appreciative of the continued support of our shareholders. The management team will continue to work hard to justify this support and realise the potential of the Chaarat Project."

Further information

The completion of the Transaction is conditional, inter alia, upon admission of the Placing Shares to trading on the AIM market of the London Stock Exchange ("Admission"). The Company will apply for Admission and it is expected that Admission will take place on or around 31 December 2014.

The Placing Shares have been issued and allotted to the Placees credited as fully paid and will rank pari passu with the existing Ordinary Shares.

Following Admission, the Company's existing issued share capital will increase from 271,845,389 Ordinary Shares to 272,935,389 Ordinary Shares (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, will be 272,935,389 (the "Total Voting Rights").

The Total Voting Rights figure may be used by shareholders as the denominator for any calculation by which they will determine whether or not they are required to notify their interests in, or a change to their interest in, the issued share capital of the Company.

China Nonferrous Metals International Mining Co Ltd ("CNMIM")

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 such notice being issued in connection with the Placing 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 shareholding of CNMIM in the Company prior to completion of 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.

Prior to the issue and allotment of the Placing Shares to the Placees, CNMIM held 22,469,289 Ordinary Shares representing 8.27% of the issued share capital of Chaarat. 

Enquiries:  

Chaarat Gold Holdings Limited	+ 44 23 800 11747
c/o Central Asia Services Limited	[e-mail]
Dekel Golan   CEO
Linda Naylor  FD
Numis Securities Limited	[phone]
John Prior, Paul Gillam (NOMAD) James Black (Broker)

NOTES TO EDITORS:

About Chaarat Gold

Chaarat Gold is an exploration and development company operating in the Kyrgyz Republic with a large, high grade resource - the Chaarat Gold Project. The Company's key objective is to become a low cost gold producer generating significant production from the development of the Chaarat Gold Project. Chaarat is preparing a Definitive Feasibility Study and continuing its active community engagement programme to optimise the value of the Chaarat investment proposition. 

Chaarat aims to create value for its shareholders, employees and communities from its high quality gold and mineral deposits in the Kyrgyz Republic by building relationships based on trust and operating to the best environmental, social and employment standards.

 

END

 

 

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