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Zoltav Resources Inc Proposes Acquisition Of CenGeo Holdings Ltd

Wednesday, 20 Mar 2013 03:02am EDT 

Zoltav Resources Inc announced that it has entered into an agreement to acquire the entire issued share capital and shareholder loans of CenGeo which, through wholly owned subsidiary ZAO Siberian Geologicheskaya Kompanya (SibGeCo), holds the Koltogor Licence located in the Khantiy-Mansisk region of western Siberia. The consideration payable for CenGeo is USD26 million (approximately GBP17.4 million) to be satisfied entirely through the issue of 473,157,416 Zoltav shares at GBP0.035 per share. Under the terms of the agreement, ARA Capital will subscribe for new ordinary shares in the Company at a price of GBP0.035 per share (the ARA Subscription). ARA Capital has also given an undertaking to convert GBP500,000 convertible loan prior to publication of the Circular and to vote in favour of the resolutions at the EGM. Following completion of the Acquisition and the full ARA Subscription and conversion of loan it is expected that ARA Capital will own 45% of the enlarged issued share capital of Zoltav and Mr Bukhtoyarov, through his company Bandbear, will own 29.1%. 

Company Quote

2.5 +4.85%
19 Dec 2014