31st Dec 2013 12:00
31 December 2013
Zoltav Resources Inc.
("Zoltav" or the "Company")
Receipt of USD2 million from ARA Capital
Further to the announcements of 10 June and 4 July 2013, Zoltav (AIM: ZOL), the CIS-focused oil and gas exploration and development company, is pleased to announce that it has received cleared funds of US$2 million from ARA Capital Limited ("ARA Capital") relating to the second tranche of the US$20m subscription entered into with ARA Capital at the time of the Company's re-admission to AIM (the "Subscription"). Under the terms of the Subscription the Company has issued 1,819,836 new ordinary shares of US$0.20 each ("Ordinary Shares") to ARA Capital at a price of 70 pence per share. US$15m of the US$20m Subscription has now been received by the Company with the final US$5m tranche due to be received by 1 April 2014.
Following the issue of the 1,819,836 new Ordinary Shares ARA Capital is now interested in 23,184,110 Ordinary Shares representing 40.6 per cent. of the issued share capital of the Company.
Application has been made for the 1,819,836 new Ordinary Shares to admit to trading on AIM on 6 January 2013 ("Admission"). Following Admission there will be 57,161,189 Ordinary Shares in issue. This number may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company. The 1,819,836 new Ordinary Shares will rank pari passu in all respects with the Company's Ordinary Shares including the rights to all dividend and other distributions declared, made or paid following Admission and will be issued fully paid.
Contacts:
Zoltav Resources Inc. | Tel. +44 (0)20 7016 9574 |
Symon Drake-Brockman, Executive Chairman | (via Vigo Communications) |
Shore Capital (Nomad and Broker) | Tel. +44 (0)20 7408 4090 |
Pascal Keane or Toby Gibbs (Corporate Finance) | |
Jerry Keen (Corporate Broking) | |
Vigo Communications | Tel. +44 (0)20 7016 9574 |
Patrick d'Ancona or Ben Simons | |
About Zoltav
Zoltav is an oil and gas exploration and development company building a portfolio of assets in the CIS. Zoltav has a 100 per cent. interest in the Koltogor Licence located in the Khantiy-Mansisk Autonomous Okrug of Western Siberia. The Koltogor Licence contains the Koltogor oil discovery with probable reserves of 73,531,000 barrels of oil. Zoltav is engaged in an appraisal programme of the Koltogor oil field with a view to developing the field for commercial oil production.
In parallel with its operations at Koltogor, Zoltav continues to review other oil and gas acquisition opportunities across the CIS, with a particular emphasis on the Russian Federation.
For further information on Zoltav or to sign up for the news alert service visit: www.zoltav.com
Related Shares:
ZOL.L