1st Feb 2005 08:00
Aurum Mining PLC01 February 2005 For immediate release 1 February 2005 AURUM MINING PLC ("Aurum" or "the Company") Acquisition of Kaldora Company Ltd First Day of Dealings of Enlarged Group on AIM Aurum Mining plc (AIM: AUR), a company formed last year to acquire gold andother mineral extraction projects in the Former Soviet Union, is pleased toannounce its first day of dealings on AIM today following its acquisition ofKaldora Company Ltd ("Kaldora"). Kaldora's wholly owned subsidiary, AndashMining Company ("Andash"), holds an exploration licence over the Andash gold andcopper exploration project in the Kyrgyz Republic. Highlights • Acquisition of Kaldora Company Ltd • Placing of 714,286 Ordinary Shares at 84p per share by WH Ireland Ltd • John Webster appointed to Board as Managing Director (see separate release) • Important first step in Aurum's acquisition strategy In a press release dated 13 January 2005, Aurum announced that it hadconditionally agreed to acquire the entire issued and to be issued share capitalof Kaldora for an initial consideration of $1.5 million comprising the issue of600,000 Ordinary Shares, the payment of $300,000 cash and, conditional upon thesubsequently evaluated levels of gold reserves, a deferred consideration of upto $5 million comprising the further issue of up to 2,500,000 DeferredConsideration Shares. At the close of business on 12 January 2005 the closingmid-market price of an Ordinary Share in Aurum was 87.5p, valuing Kaldora atbetween £0.7 million and £2.9 million. Dealings in the Ordinary Shares,including New Ordinary Shares, commence on AIM today. The acquisition of Kaldora represents an important first step in the developmentof Aurum's strategy of acquiring gold and other mineral exploration projects inthe FSU. In line with Company strategy, Aurum's Directors intend to continue toseek and evaluate further acquisitions. Commenting on the successful completion of the Kaldora transaction, Sean Finlay,Aurum's Chairman, said: "I am delighted by the acquisition of Kaldora andbelieve that it offers considerable potential both through its explorationlicence in the Kyrgyz Republic and through its role as the first of a plannedseries of acquisitions in the FSU." For further information: Aurum Mining plc Tel: 07802 858893Haresh Kanabar W H Ireland Tel: 0121 616 2101Tim Cofman Buchanan Communications Tel: 020 7466 5000Mark Court/Charlie Howard This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Shearwater