31 May 2013 15:35
31 May 2013
Kemin Resources plc
("Kemin" or "the Company")
Contract Reinstatement and Completion of final element of Acquisitionof Joint Venture Kazakh-Russian Mining Company LLP
Further to the announcement issued by the Company on 17 April 2013, Kemin is now pleased to announce that the Contract Reinstatement has occurred.
Bill Trew, Non-Executive Chairman of the Company, commented "I am delighted that the final step in acquisition process has now been completed. The Company can now devote its full attention to progressing the bankable feasibility study and to developing its assets to the benefit of shareholders."
As part of the Contract Reinstatement, the 148,320,720 B Shares issued to Bergfolk (133,117,846), Strathland (10,642,012) and Hanson (4,560,862) have now converted into New Ordinary Shares on a one-for-one basis. In addition, a further 2,472,011 New Ordinary Shares will be issued by the Company following the conversion of the Loan Stock. Application for admission to trading on AIM for both sets of shares will be made as soon as practicable.
Note: Definitions used in this announcement have the same meaning as those used in the announcement dated 4 February 2013.
For further information please visit www.keminresources.com or contact:
Kemin Resources PlcSanzhar AssaubayevKen Crichton | +44 (0)20 7233 1462 |
Strand Hanson Limited (Nomad and Broker)Andrew Emmott / Ritchie Balmer
| +44 (0)20 7409 3494 |