Baker Steel Resources Trust Ltd Acquisition (4917K)
June 25 2014 - 5:00AM
UK Regulatory
TIDMBSRT
RNS Number : 4917K
Baker Steel Resources Trust Ltd
25 June 2014
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
24 June 2014
Acquisition of Additional Stake in Polar Silver
Baker Steel Resources Trust Limited (the "Company") announces
that it has acquired US$2,500,000 of convertible loans to ZAO
Argentum and 500 shares in Polar Silver Resources Limited ("Polar
Silver") for GBP1.32 million. The consideration has been satisfied
through the issue of 2,259,357 new Ordinary Shares of the Company
(the "New Shares") to the vendor at a price of 58.5 pence per share
(equivalent to the latest NAV per Share of the Company).
Polar Silver is a holding company which holds 100% of ZAO
Argentum, the holder of a 50% interest in the Prognoz silver
project in Russia. A NI 43-101 compliant report by independent
consultant Micon International Limited ("Micon"), estimated an
Indicated Resource of 5.86 million tonnes of ore grading 773 g/t
silver containing 146 million ounces of silver and Inferred
Resources of 9.64 million tonnes of ore grading 473 g/t silver
containing 147 million ounces of silver at Prognoz. A NI 43-101
compliant preliminary economic assessment (PEA) by Micon envisages
a mine producing an average of 13 million ounces of silver per
annum over a 16 year mine life, with peak production of 24 million
ounces of silver in year 4.
Following the acquisition of the above interests, upon
conversion of all convertible loans to ZAO Argentum and Polar
Silver, the Company's interest in Polar Silver will increase from
15.0% to 21.2%.
Application has been made for the New Shares to be admitted to
the premium segment of the Official List of the Financial Conduct
Authority (the "FCA") and to trading on the main market for listed
securities of the London Stock Exchange (together, "Admission"). It
is expected that Admission will take place at 8.00am on 30 June
2014.
Following Admission, the number of Ordinary Shares that the
Company will have in issue will be 68,401,890.
Further details of the Company and its investments are available
on the Company's website www.bakersteelresourcestrust.com
Enquiries:
Baker Steel Resources Trust Limited +44 20 7389 8237
Francis Johnstone
Trevor Steel
Numis Securities Limited +44 20 7260 1000
David Benda (corporate)
James Glass (sales)
Pelham Bell Pottinger
Lorna Spears +44 20 7861 3883
Joanna Boon +44 20 7861 3867
This information is provided by RNS
The company news service from the London Stock Exchange
END
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