RNS Number:8684F
Kryso Resources PLC
2 December 2004
2 December 2004
Not for release, distribution or publication in whole or in part in or into the
United States, Australia or Japan.
Kryso Resources plc
Placing and Admission to AIM
Kryso Resources plc ("Kryso" or the "Company"), today announces that, with
effect from 08.00am today (2 December 2004), its existing ordinary shares of 1p
each ("Ordinary Shares") and new ordinary shares ("Placing Shares") issued
pursuant to a successful placing, have been admitted to AIM. Ruegg & Co Limited
is acting as the nominated adviser and Hichens, Harrison & Co. plc is acting as
broker.
Words and expressions defined in the Admission Document published on 25 November
2004 shall have the same meaning as in this announcement.
Key Statistics
Placing Price 10p
Number of Placing Shares 26,000,000
Number of Ordinary Shares in issue immediately following the
Placing 56,000,000
Percentage of Enlarged Share Capital attributable to the 46.43 per cent.
Placing
Market Capitalisation of the Company at the Placing Price on #5.6 million
Admission
Gross proceeds of the Placing #2.6 million
Estimated net proceeds of the Placing receivable by the #2.3 million
Company
Kryso is an emerging mineral exploration company that is principally focused on
exploring the gold and other precious metals deposits previously discovered in
Central Asia during the era of the Soviet Union and then, where appropriate,
bringing them into production.
From 1 April 2004, LLC Pakrut, a wholly owned subsidiary of the Company, was
granted a licence and geological lease to explore and exploit the Pakrut
Licenced Area which comprises the Pakrut Gold Deposit and the surrounding
approximate 6,300 hectare exploration area located in the metalliferous southern
Tien-Shan Fold belt.
The proceeds of the Placing will be used to:
*enable the Group to prepare and complete a feasibility study on the
Pakrut Gold Deposit,
*purchase an exploration drill rig and equipment,
*set up a sample preparation and assay laboratory,
*to provide for drilling expenditure;
*and for general working capital purposes.
Vassilios Carellas, Managing Director at Kryso, said, "We are delighted to see
our company commence trading on AIM, following an enthusiastic response from
investors. With the support of our new shareholders we can now press on with
our plans".
- Ends -
For further information, please contact:
Kryso Resources plc Ruegg & Co Ltd Hichens Harrison
Vassilios Carellas Brett Miller Christian Dennis
Craig Brown
T: 020 7751 5551 T: 020 7584 3663 T: 020 7382 4473
NOTES TO EDITORS
About Kryso Resources plc
Kryso is an emerging mineral exploration company that is principally focused on
exploring the gold and other precious metals deposits previously discovered in
Central Asia during the era of the Soviet Union and then, where appropriate,
bringing them into production.
Kryso, which has its head office in London, is a public company that has sought
admission to AIM in order to continue funding the development of the Pakrut Gold
Deposit, further exploration at the Pakrut Licenced Area and to obtain and
acquire other gold and base metal deposits in Tajikistan and elsewhere in
Central Asia. The Group's executive Directors and senior management are based in
Dushanbe.
The Company's executive Directors have a proven track record of operating in
Tajikistan and the Directors believe that Kryso Resources is the first foreign
company to obtain a 100 per cent interest in a mining and exploration project in
the country. From 1 April 2004, LLC Pakrut, a wholly owned subsidiary of the
Company, was granted a licence and geological lease to explore and exploit the
Pakrut Licenced Area which comprises the Pakrut Gold Deposit and the surrounding
approximate 6,300 hectare exploration area located in the metalliferous southern
Tien-Shan Fold belt. This belt is reputed to have the second largest known gold
resource behind the Witwatersrand in South Africa.
The Group intends to conduct a feasibility study to assess whether the Pakrut
Gold Deposit can be developed into a producing mine and also intends to explore
the already identified mineral deposits and areas of mineralisation in the
Pakrut Licenced Area.
Directors
Trevor Davenport, B.Sc., M.Sc., Ph.D., C. Eng., (aged 64), Non-executive
Chairman
Dr Trevor Davenport has worked in the mining industry for over 30 years where he
has been involved in mineral exploration and mining geology in over 17 countries
both for mining companies and in consulting work. From 1994 to 1997 he was Chief
Geologist and Exploration Manager for Nelson Gold Limited (subsequently renamed
Nelson Resources Limited) in Tajikistan. In 1996 he was made a Director of
Zeravshan Gold Company. His experience varies from six years as Chief
Exploration Geochemist for Bamangwato Concessions Ltd. in Botswana in the search
for nickel/copper deposits, working as a senior exploration geologist with the
United Nations Development Programme in Burma exploring for base metals, to
numerous involvements with gold mining companies over the last 20 years.
Simon Cawkwell (aged 58), Non-Executive Deputy Chairman
Simon Cawkwell qualified as a chartered accountant with Coopers and Lybrand in
1969. He worked in Zambia with, inter alia, Roan Selection Trust as mines cash
flow and taxation forecast accountant from 1969 to 1973 when he returned to
London. In the mid 1970s he worked for Alfred Isaacs & Sons Limited, a firm of
jute merchants, as an accountant. He then practised as a chartered accountant
(sole practitioner) in central London from 1975 to 2003. He now manages his
family's investment portfolio.
Vassilios Carellas, B.Sc. (Hons.), MAusIMM (aged 30), Managing Director
Vassilios Carellas majored in geology and economic geology at the University of
Durban-Westville, South Africa, graduating in 1995. He has spent nine years
working in the mining and exploration industry in Central Asia. Vassilios worked
for Nelson Resources Limited, a company listed on the Toronto Stock Exchange, in
various geological positions including Chief Geologist. In 2002 he joined Gulf
International Minerals Inc., a company listed on the Toronto Stock Exchange, as
Chief Geologist and subsequently General Manager and director for their
subsidiary which operated their mines in Tajikistan. He left in 2004 to focus on
Kryso.
Craig Brown C.A. (aged 34), Finance Director
Craig Brown qualified as a Chartered Accountant in New Zealand in 1993. He has
spent ten years working in the mining industry in Central Asia. Prior to working
in Central Asia, Craig was a Chartered Accountant working in private practice in
New Zealand. Craig worked for Nelson Resources Limited, from 1995 to 2001 in
various positions ranging from Chief Accountant to Director of the Joint Venture
Company that operated the Zeravshan gold mine. From 2001 to 2003 he was Chief
Financial Officer for Gulf International Minerals Inc. and from 2003 to 2004 he
worked part-time as a consultant to that company. He has been a director of
several mining joint ventures in Central Asia. Craig is based in Dushanbe.
Abuali Ismatov, (aged 44), Executive Director
Abuali is a prominent businessman in the Republic of Tajikistan. Abuali
graduated in 1981 from the Tajik Agricultural Institute with a diploma in Hydro
Engineering and in 2001, completed his Masters in Finance and Economics from the
Tajik State National University. Since 1992, Abuali has been a founder and
shareholder of several multi-national companies established in Tajikistan with
foreign investment.
This announcement is not for release, distribution or publication in whole or in
part in or into the United States, Japan or Australia. The information contained
herein does not constitute an offer of securities for sale in the United
States, Canada, Japan or Australia.
This announcement has been issued by the Company and is the sole responsibility
of the Company and has been approved solely for the purposes of Section 21 of
the Financial Services and Markets Act 2000 by Ruegg & Co Limited of 39 Cheval
Place, London SW7 1EW.
This announcement does not constitute or form part of an offer, or any
solicitation of an offer, for securities and any purchase of or application for
shares in the Placing should only be made on the basis of information contained
in the Admission Document. The price and value of, and income from, shares may
go down as well as up. Persons needing advice should consult a professional
adviser.
The information contained herein is not for publication or distribution in or
into the United States. The materials do not constitute an offer of securities
for sale in the United States, nor may the securities be offered or sold in the
United States, nor may the securities be offered or sold in the United States
absent registration or an exemption from registration as provided in the
Securities Act of 1933, as amended, and the rules and regulations thereunder.
There is no intention to register any portion of the offering in the United
States or to conduct a public offering of securities in the United States.
The information contained herein shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the Securities
referred to herein in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration, exemption of registration or
qualification under the securities laws of any such jurisdiction.
Ruegg & Co Limited ("Ruegg") is regulated in the United Kingdom by the Financial
Services Authority and is acting solely for the Company in connection with the
Placing and Admission and no one else. Ruegg has been appointed as nominated
adviser to the Company. Ruegg will not regard any other person as its client or
be responsible to any other person for providing the protections afforded to
clients of Ruegg nor for providing advice in relation to the Placing and
Admission. Ruegg is not making any representation or warranty, express or
implied, as to the contents of this announcement. Ruegg accepts no liability
whatsoever for the accuracy of any information or opinions expressed in this
announcement or for the omission of any information.
Hichens, Harrison & Co. plc ("Hichens Harrison") is regulated in the United
Kingdom by the Financial Services Authority and is acting solely for the Company
in connection with the Placing and Admission and no one else. Hichens Harrison
has been appointed as broker to the Company. Hichens Harrison will not regard
any other person as its client or be responsible to any other person for
providing the protections afforded to its clients nor for providing advice in
relation to the Placing and Admission. Hichens Harrison is not making any
representation or warranty, express or implied, as to the contents of this
announcement. Hichens Harrison accepts no liability whatsoever for the accuracy
of any information or opinions contained in this announcement or for the
omission of any information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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