Oxus Gold Plc Regulatory News (OXS)

21 May 2015

Oxus Gold plc

Conversion of CLNs and Issue of Equity

Oxus Gold PLC ("Oxus" or the "Company") is pleased to announce that Sturgeon Central Asia Fund has converted convertible loan notes in the Company ("CLNs") to the value of US$1,000,000 into ordinary shares of 1p each in the Company ("Ordinary Shares"). Following the conversion of these loan notes Sturgeon Central Asia Fund has no further convertible loan notes outstanding.

Sturgeon Capital Limited is an independent investment manager focused on the Central Asian markets since 2006. It manages three dedicated Central Asia investment funds, including the Sturgeon Central Asia Balanced Fund Ltd, the Sturgeon Central Asia Fund and the Sturgeon Central Asia Equities Fund (a sub-fund of Sturgeon Capital Funds UCITS IV SICAV which is domiciled in Luxembourg).

5,208,333 Ordinary Shares have been issued to Sturgeon Central Asia Fund pursuant to the conversion of CLNs in the Company at a price of 12p per share. The terms of such CLNs were revised in January 2010 and July 2012. The revised terms were announced by the Company on 28 January 2010 and 1 August 2012.

In addition, 3,193,310 Ordinary Shares have been issued to Sturgeon Central Asia Fund in lieu of the accrued interest attributable to the converted CLNs for the period 6 January 2012 to 15 May 2015. These shares were issued at a price of 2.62p per share, being the average closing mid-market share price for the Company for the period 6 January 2012 to 15 May 2015.

Application has been made for a total of 8,401,643 new Ordinary Shares to be admitted to trading on the AIM Market of the London Stock Exchange. The new Ordinary Shares will rank pari passu with existing Ordinary Shares and dealings are expected to commence in the new Ordinary Shares on 28 May 2015.

Following the issue of ordinary shares as set out above, the Company's issued share capital now consists of 574,658,246 Ordinary Shares, none of which are held in treasury. Therefore, the total number of voting rights in the Company is 574,658,246.

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