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Agreement with Polymetal

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RNS Number : 1569H
Chaarat Gold Holdings Ltd
30 July 2019
 

30 July 2019

                                                   Chaarat Gold Holdings Limited

("Chaarat" or the "Company")

Agreement with Polymetal
 

Chaarat (AIM:CGH), the AIM-quoted gold mining company with assets in the Kyrgyz Republic and Armenia, is pleased to announce that following discussions related to the acquisition of the Kapan mine acquired in January 2019 from Polymetal International Plc ("Polymetal"), Polymetal has agreed to exchange its US$10m of Convertible Notes received as part of original consideration, and a working capital settlement under the SPA for 14,638,020 newly issued ordinary shares of USD 0.01 each ("New Shares"). This shall represent 3.5% of the enlarged fully diluted share capital of Chaarat post allotment. The New Shares shall be subject to a twelve month lock-up arrangement and Polymetal shall grant a right of first refusal effective from the end of the lock-up arrangement for six months in the event of the sale of those New Shares to Chaarat.

As a part of this arrangement Chaarat Gold International Limited, a wholly owned subsidiary of Chaarat, has also agreed to release Polymetal from warranties and indemnities under the sale and purchase agreement on acquisition of Kapan except for a limited number of reserved matters.

Chaarat is grateful to Polymetal for its continued support, which has been reaffirmed in the current agreement, and looks forward to continuing its mutually beneficial commercial partnership with the company.

Artem Volynets, Chief Executive Officer of Chaarat, said:  "We are delighted to welcome this experienced operator on to our shareholder register. Polymetal's decision to exchange its debt for shares in Chaarat is an endorsement of our strategy and prospects, implies a premium to our current market value, and reduces our debt levels."

 

Enquiries

Chaarat Gold Holdings Limited

Martin Andersson (Executive Chairman)

 

+44 (0)20 7499 2612

Artem Volynets (CEO)

[email protected]      

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

Sam Austrums

[email protected]

 

About Chaarat Gold

Chaarat Gold is a gold mining company which owns the Kapan operating mine in Armenia as well as Tulkubash and Kyzyltash Gold Projects in the Kyrgyz Republic. The Company has a clear strategy to build a leading emerging markets gold company with an initial focus on Central Asia and the FSU through organic growth and selective M&A.

Chaarat is engaged in active community engagement programmes 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 by building relationships based on trust and operating to the best environmental, social and employment standards. Further information is available at www.chaarat.com.


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 [email protected] or visit www.rns.com.
 
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Quick facts: Chaarat Gold Holdings Ltd

Price: 38.2

Market: AIM
Market Cap: £168.6 m
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