IRC Limited:Exercise of Further Subscription Right

04 October 2013

IRC Limited: Exercise of Further Subscription Right

Further to the Circular issued by Petropavlovsk PLC ("Petropavlovsk" or the "Company") on 18 February 2013 and previous announcements by IRC Limited ("IRC") and the Company, Petropavlovsk is pleased to confirm that IRC has today announced that it has received an irrevocable notice from General Nice Development Limited ("General Nice") for the exercise of the General Nice Further Subscription Right to subscribe for 863,600,000 new Shares for a cash consideration of HK$811.8 million (approximately US$104.7 million).

Following the exercise of the General Nice Further Subscription Right, Minmetals Cheerglory Limited ("Minmetals Cheerglory") will subscribe for 247,300,000 new Shares for a cash consideration of HK$232.5 million (approximately US$30.0 million).

As agreed between IRC, General Nice and Minmetals Cheerglory in respect of their respective subscription agreements, completion of the General Nice and Minmetals Cheerglory subscriptions shall take place on 18 November 2013.

Further details may be found in the announcement of IRC Limited, available on its website www.ircgroup.com.hk 

IRC is a producer and developer of industrial commodities and was the Group's former Non-Precious Metals Division, prior to its listing on the Stock Exchange of Hong Kong Limited (stock code 1029).

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