TIDMCGH
RNS Number : 7749L
Chaarat Gold Holdings Ltd
31 December 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
Not for release, publication or distribution to United States
newswire services or for release, publication or dissemination in
the United States and does not constitute an offer of the
securities herein.
This press release does not constitute an offer to sell, or a
solicitation of an offer to buy, securities in the United States or
any other jurisdiction. Any securities described in this press
release have not been, and will not be, registered under the US
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration except in transactions
exempt from, or not subject to, registration under the US
Securities Act and applicable US state securities laws. There is no
public offering of the securities in the United States
expected.
31 December 2018
Chaarat Gold Holdings Limited
("Chaarat" or the "Company")
Kapan Acquisition - update on transaction progress
Further to earlier announcements on 30 October 2018 and 14
December 2018, Chaarat is pleased to confirm that it has now
received antimonopoly clearance for the Kapan Acquisition from the
State Commission for the Protection of Economic Competition of the
Republic of Armenia.
The transaction is progressing as planned, with funding for the
acquisition on track for closing. However, due to the upcoming
public holidays in Armenia and Russia, a potential extension of the
anticipated Kapan Acquisition closing date from 15 January 2019 to
31 January 2019 is currently under discussion with Kapan's vendor,
PTML Holding Ltd ("Polymetal"), a subsidiary of Polymetal
International Plc, and Chaarat's funding banks.
The transaction is expected to remain in all material respects
as described in the Company's Re-Admission Document and
accompanying announcement of 14 December 2018.
Chaarat continues to work with Polymetal on key transitional
details and is making significant progress in filling senior
operational roles at the Kapan mine, identifying operational
improvements and developing a detailed first 100-day plan.
As previously announced, the Company will hold a General Meeting
of Shareholders to vote on the resolution to acquire Kapan. This
will take place at 11:00am today, 31 December 2018 at the offices
of Watson Farley & Williams LLP, 15 Appold Street, London, EC2A
2HB. The Company will provide a further update after this meeting
and thereafter as and when required.
Enquiries
Chaarat Gold Holdings Limited
Martin Andersson (Chairman) +44 (0)20 7499 2612
Artem Volynets (CEO) info@chaarat.com
Numis Securities Limited
John Prior, Paul Gillam (NOMAD) +44 (0) 20 7260 1000
James Black (Corporate Broking)
Powerscourt
Conal Walsh +44 (0)20 7250 1446
Matthew Attwood chaarat@powerscourt-group.com
Isabelle Saber
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.
On 30 October 2018, Chaarat announced that it had entered into a
binding sale and purchase agreement to acquire the Kapan mine in
Armenia from Polymetal, for a consideration of US$55 million,
subject to adjustments (the "Kapan Acquisition"). On 14 December
2018, the Company issued the Readmission Document relating to the
Kapan Acquisition.
Chaarat is engaged in an 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.
Further information is available at www.chaarat.com.
NOTICE
This announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "envisages",
"estimates", "anticipates", "projects", "expects", "intends",
"may", "will", "could", "seeks" or "should" or, in each case, their
negative or other variations or comparable terminology, or by
discussions of strategy plans, objectives, goals, future events or
intentions. These forward-looking statements include statements
regarding the Company's and the Directors' current intentions,
beliefs or expectations concerning, amongst other things,
investment strategy, financing strategy, performance, results of
operations, financial condition, liquidity, prospects, growth,
strategies and the industry in which the Group (which, where used
in this announcement, shall have the meaning given to that term in
the Readmission Document) will operate.
By their nature, forward-looking statements involve risks
(including unknown risks) and uncertainties because they relate to
events and depend on circumstances that may or may not occur in the
future. Forward-looking statements are not an assurance of future
performance. The Company's actual performance, results of
operations, financial condition, liquidity and dividend policy and
the development of the business sector in which the Group will
operate, may differ materially from those suggested by the
forward-looking statements contained in this announcement. In
addition, even if the Company's performance, results of operations,
financial condition, liquidity and dividend policy and the
development of the industry in which the Group will operate, are
consistent with the forward-looking statements contained in this
document, those results or developments may not be indicative of
results or developments in subsequent periods.
Any forward-looking statements in this announcement reflect the
Company's and the Directors' current view with respect to future
events and are subject to risks relating to future events and other
risks, uncertainties and assumptions relating to the matters
referred to above. Other than in accordance with the Company's
obligations under the AIM Rules for Companies, the Company does not
undertake to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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