5th Jan 2005 07:00
Aminex PLC05 January 2005 AMINEX PLC("Aminex" or "the Company") Acquisition of Interest in North Korean Natural Resources Vehicle Aminex PLC today announces that it has signed a share exchange agreement toacquire 10% of the issued share capital of Kobril Ltd. ("Kobril"), aninternational company controlled by the authorities of the Democratic PeoplesRepublic of Korea ("DPRK"). Under the Agreement, Aminex will receive 10 shares, being 10% of the issuedshare capital of Kobril, and Kobril will receive new shares in Aminex to thevalue of £200,000 payable in two instalments, together with a 5% net revenueinterest in Aminex's future earnings from oil and gas discoveries in the DPRK.The first instalment of 833,333 shares, worth £100,000 at a price of 12 pence,will be issued immediately. The second instalment, also worth £100,000, will beissued upon the earlier of (1) the signing of a licence or production sharingagreement between Aminex and the Government of DPRK for a specific block orblocks within DPRK jurisdiction or (2) the signing of a licence or productionsharing agreement between another oil company or joint venture and the DPRK fora specific licence in which Aminex will be entitled to benefit from a royalty orcarried working interest under the terms of the Petroleum Agreement signedearlier this year. The second instalment of shares will be issued at the marketprice of the Company's shares at the time of issue. Aminex may elect to pay thesecond instalment in cash rather than through issue of further shares. Aminex has therefore today made application to the Irish Stock Exchange and tothe UK Listing Authority for 833,333 Ordinary Shares of nominal value €0.06 eachin the capital of Aminex to be admitted to the Official List of the Irish StockExchange and to the Official List of the Listing Authority and application hasalso been made to the London Stock Exchange for these shares to be admitted totrading. Such admission is expected to become effective and dealings tocommence in these Shares at the start of business on 11 January 2005. Kobril has been specifically set up by the DPRK, under power of attorney fromthe DPRK cabinet, as its vehicle for international co-operation in thedevelopment of many areas of natural resources, including not only oil and gasbut also gold, coal, iron ore and coal-bed methane. Kobril is already one ofthe parties to the twenty-year Petroleum Agreement between Aminex and the DPRK,which was announced on 20 September 2004. Brian Hall, Chief Executive of Aminex, said: "This agreement cements our excellent and constructive relations with the DPRKand represents a broadening of our existing advisory role in connection with thecreation of an international petroleum law for the country. It also gives Aminex access to involvement in and the benefits from a broaderbase of the DPRK's potential natural resources." 5th January 2005 Enquiries: Aminex PLC Brian Hall +44 (0) 20 7240 1600 College Hill Jim Joseph +44 (0) 20 7457 2020 Nick Elwes This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Aminex