Last checked at 17 Jan 2011 07:00
17 January 2011
BERKELEY RESOURCES LIMITED
EXPIRY OF OAO SEVERSTAL SUBSCRIPTION RIGHT
Berkeley Resources Ltd ("Berkeley") advises that OAO Severstal's right to subscribe for shares in Berkeley pursuant to the Subscription Rights Deed entered into by the parties - as set out in the Company's announcements dated 29 October 2010, 10 December 2010 and 30 December 2010 - expired on 14 January 2011.
Although Berkeley and Severstal were not able to agree the terms under which OAO Severstal would undertake an agreed bid for Berkeley and therefore, OAO Severstal's right to subscribe for shares in Berkeley has lapsed, the parties are continuing discussions in respect to other possible arrangements that may be entered into by them.
Enquiries - Acting Managing Director: Henry Horne Tel: +34 673 497 712
RBC Capital Markets: Martin Eales Tel: +44 20 7029 7881
BMO Capital Markets:
Sarfraz Visram, Managing Director Tel: +1 416 359 5864
Robin Birchall, Vice President Tel: +44 20 7664 8100