.16 Jun 2011 11:03
Charles Street Capital plc, the AIM listed natural resources investment company, announces that further to the announcement of 11 April 2011, the Company has been unable to complete the proposed acquisition of Bulgarian Mining Resources Ltd, which holds the 68.7 sq km Lehovo Precious and Base Metal Project ('Lehovo'), in the necessary time provided under the AIM Rules. The Board has been working hard to satisfy the relevant conditions of the proposed acquisition and the due diligence process is now largely finalised. The Company is awaiting formal approval from the Bulgarian Ministry of Mines regarding an alteration to the proposed work programme at Lehovo, and the Board is confident that this will be granted in due course.
As the transaction has not been concluded within the required timeframe the Company's admission to trading on AIM will be cancelled, with effect from 7 a.m. on Friday 17 June 2011 under AIM Rule 41. Once confirmation is received from the Bulgarian Ministry of Mines and the resulting transaction is approved by shareholders, the Company will apply for its Ordinary Shares to be re-admitted to AIM.