1st Mar 2005 08:00
Silvermines Media PLC01 March 2005 Silvermines Media PLC (the "Company") 1 March 2005 First Day of Dealings of Enlarged Share Capital on AIM Acquisition of Zhibek Resources Plc Change of name from Silvermines Media PLC to Cambrian Oil & Gas Plc Silvermines Media PLC (AIM: SLV), to be re-named Cambrian Oil & Gas Plc (AIM:COIL), a company admitted to trading on AIM on 15 July 2004 to seek acquisitionand investment opportunities, is pleased to announce its first day of dealingson AIM today following its acquisition of Zhibek Resources Plc ("Zhibek"). The Company announced on 4 February 2005 that it had conditionally agreed toacquire the entire issued share capital of Zhibek (including all outstandingconvertible securities) in consideration for the issue of 40,000,000Consideration Shares and 13,333,333 Warrants. As of 26 January 2005 (being thedate on which Ordinary Shares were suspended from trading on AIM) the closingmid-market price of an Ordinary Share was 7.5p, valuing Zhibek at approximately£3 million and Silvermines at approximately £1.7 million. The Company has also raised £1.95 million, net of expenses, by way of a Placingof 45,000,000 Placing Shares, undertaken in order to provide working capital forthe Enlarged Group. Dealings in the Enlarged Share Capital consisting of 23,115,000 existingOrdinary Shares, 45,000,000 Placing Shares and 40,000,000 Consideration Sharescommence on AIM today. Commenting on the successful completion of the Acquisition and Placing, JohnByrne, the Company's Non-Executive Chairman, said: "The formation of COIL now enables Zhibek to develop its strategy of oil and gasexploration, development and production, both internationally and particularlyin the Kyrgyz Republic. It is a very exciting time for us as we continue thedevelopment of the initial two projects - Beshkent Togap and Tash Kumyr - andlook forward to reporting our progress in the near future." Full details of the Proposals were set out in the Admission Document toshareholders dated 4 February 2005. The definitions in the Admission Documentalso apply to this announcement. For further information please contact: Cambrian Oil & Gas Plc Neale Taylor, Chief Executive 0207 493 7671Paul Mc Groary, Non-Executive Director 07930568160(former Chief Executive, Silvermines Media PLC) W.H. Ireland Tim Cofman 0121 6162101 Parkgreen Communications Justine Howarth/Victoria Thomas 02074933713 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Coiled Thera