TSG.L Regulatory News (TSG)

25 Feb 2008 10:49

Trans-Siberian Gold PLC25 February 2008 Trans-Siberian Gold plc AngloGold Ashanti US$10 million loan Directorate changes LONDON: 25 February 2008 - Trans-Siberian Gold plc ("TSG" or "the Company")(TSG.L) reported on 1 February 2008 that it had been notified by UFG AssetManagement ("UFG") that a company associated with UFG had purchased 1,575,000TSG ordinary shares at a price of £0.28 per share, thereby increasing theinterest of UFG and its associates in TSG to 32.96% of the Company's shares. TSG has now been notified by AngloGold Ashanti Holdings plc ("AGAH") that theincrease in UFG's shareholding constitutes an Event of Change of Control ("ECC")for the purposes of the loan agreement between AGAH and the Company. Thisagreement relates to a US$10 million loan provided to TSG by AngloGold AshantiLimited ("AGA") in June 2006 and subsequently assigned by AGA to AGAH. The loanis repayable in two equal tranches, on the first and second anniversaries of thecommencement of gold production at TSG's Asacha project, and is convertible intoTSG shares when the Company raises new equity, however the effect of the ECC isthat the capital and accrued interest of the loan, in total US$11,658,699 as at21 February 2008, is now due and payable. TSG expects to agree a paymentschedule with AGAH before the end of February, providing for payment of thecapital and accrued interest by early April 2008, in line with the Company'smaturing cash deposits. TSG also announces the resignations, with immediate effect, of Richard Duffy andBenjamin Guenther who have been non-executive directors of the Company since 30July 2004 and 14 September 2005 respectively. Ends Contacts: TSGSimon Olsen +44 (0) 1223 265760 Seymour PierceStuart Lane +44 (0) 20 7107 8000 This information is provided by RNS The company news service from the London Stock Exchange