News / Svarog capital

2.12.2005

Charaltyn Shareholders Back Share Swap With Eurasia Gold Corp

Interfax

ALMATY. (Interfax) - Shareholders in Kazakh gold producer Charaltyn voted in favor of exchanging the company's shares for shares in the Toronto-listed gold producer Eurasia Gold Corp. at a meeting in the middle of November, the Kazakhstan Stock Exchange (KASE) said on November 28, quoting the minutes of the meeting.

"The shareholders voted to exchange all of the company's 3 billion issued shares for 141,296,970 shares in Eurasia Gold Corp. at a rate of 21.23 shares in Charaltyn for 1 share in Eurasia Gold Corp.," the KASE said.

The companies in the summer of 2005 signed a protocol of intent on the share swap, which Charaltyn's management has said would enable the company to be listed in Toronto. "A Toronto listing would grant access to the world capital markets and optimize financing for our on-going and future projects. It would enable us to get a fair market price for the company as an added advantage for shareholders," Baltabek Mukashev, Charaltyn's president, said at the time.

Charaltyn told Interfax that the share swap should be completed in January 2006. The company said it had already received clearance from the relevant Kazakh authorities for the deal. Eurasia Gold told Interfax that the swap was subject to approval by its shareholders at a January 11 meeting. Eurasia Gold still has to obtain clearance from the Toronto exchange.

A source close to the Russian businessman Viktor Vekselberg's Renova Group told Interfax at the end of August that Renova Capital was in the process of buying 25% of the shares in Charaltyn from TKA Corp, a company registered on the British Virgin Islands and Charaltyn's owner at the time.

Charaltyn, established in 1994, is licensed to develop the Charaltyn gold belt, with more than 12 deposits and Mizek gold lode, in the East Kazakhstan region, and the Novoukrainskoye silver lode in the North Kazakhstan region. The fields contain up to 9,360 tonnes in probable reserves. Charaltyn produced 1,254 kg of gold in 2004.

TKA Corporation bought 57.7% of Eurasia Gold from CIDEM, a wholly owned subsidiary of Thistle Mining Inc., in July for a cash consideration of $3.5 million plus 2% of Charaltyn's shares and the right to participate in the Kazakh company's future projects.

Eurasia Gold Corp., which is licensed to the Central Mukur and Miyaly fields in Kazakhstan, produced 889 kg of gold in 2004.


		2.12.2005 Charaltyn Shareholders Back Share Swap With Eurasia Gold Corp Interfax ALMATY. (Interfax) - Shareholders in Kazakh gold producer Charaltyn voted in favor of exchanging the company's shares for shares in the Toronto-listed gold producer Eurasia Gold Corp. at a meeting in the middle of November, the Kazakhstan Stock Exchange (KASE) said on November 28, quoting the minutes of the meeting. "The shareholders voted to exchange all of the company's 3 billion issued shares for 141,296,970 shares in Eurasia Gold Corp. at a rate of 21.23 shares in Charaltyn for 1 share in Eurasia Gold Corp.," the KASE said. The companies in the summer of 2005 signed a protocol of intent on the share swap, which Charaltyn's management has said would enable the company to be listed in Toronto. "A Toronto listing would grant access to the world capital markets and optimize financing for our on-going and future projects. It would enable us to get a fair market price for the company as an added advantage for shareholders," Baltabek Mukashev, Charaltyn's president, said at the time. Charaltyn told Interfax that the share swap should be completed in January 2006. The company said it had already received clearance from the relevant Kazakh authorities for the deal. Eurasia Gold told Interfax that the swap was subject to approval by its shareholders at a January 11 meeting. Eurasia Gold still has to obtain clearance from the Toronto exchange. A source close to the Russian businessman Viktor Vekselberg's Renova Group told Interfax at the end of August that Renova Capital was in the process of buying 25% of the shares in Charaltyn from TKA Corp, a company registered on the British Virgin Islands and Charaltyn's owner at the time. Charaltyn, established in 1994, is licensed to develop the Charaltyn gold belt, with more than 12 deposits and Mizek gold lode, in the East Kazakhstan region, and the Novoukrainskoye silver lode in the North Kazakhstan region. The fields contain up to 9,360 tonnes in probable reserves. Charaltyn produced 1,254 kg of gold in 2004. TKA Corporation bought 57.7% of Eurasia Gold from CIDEM, a wholly owned subsidiary of Thistle Mining Inc., in July for a cash consideration of $3.5 million plus 2% of Charaltyn's shares and the right to participate in the Kazakh company's future projects. Eurasia Gold Corp., which is licensed to the Central Mukur and Miyaly fields in Kazakhstan, produced 889 kg of gold in 2004. ← \| → © 2008 Svarog Capital Advisors Limited Web “25 Kadr”