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28 May 2008 09:01
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Caspian Holdings Plc
("Caspian" or the "Company")
28Β May 2008
Caspian Completes Β£200,000Β Placement
Serri Pine MeadowsΒ LeaseΒ Confirmed
Caspian Holdings has progressed its expansion in theΒ United StatesΒ confirming clear title on the Serri Pine Meadows lease inΒ California. TheΒ Company will now proceed forward to complete leaseΒ acquisitionΒ and geological and geophysical studies.
In order to fund the leaseΒ acquisition, the geological work and the ongoing management of Zhengeldy inΒ KazakhstanΒ theΒ Company has completed a placement of 10 millionΒ ordinaryΒ shares at 2pΒ per shareΒ to raise Β£200,000 to Masterman Superannuation Fund ("MSF"), a pension fund associated with Michael Masterman.
Application will be made for theΒ newΒ ordinary shares to be admitted to AIM which is expected to occur on 3 June 2008.
Related Party Transaction
Masterman Superannuation Fund, a company related to Michael Masterman, a director of Caspian, and of which Michael Masterman is a beneficiary and trustee, is participating in the placement to the amount of Β£200,000 and will therefore will be issued 10,000,000 ordinary shares. The share issue to MSF is therefore classified as a related party transaction for the purposes of the AIM Rules. Accordingly the Directors (other than Michael Masterman), having consulted with GrantΒ ThorntonΒ Corporate Finance (in its capacity as the Company's nominated adviser), confirm that they are satisfied that the terms of MSF's participation in the placement are fair and reasonable insofar as the shareholders of the Company are concerned.
Following this transaction, Michael Masterman will be interested in 21,900,000 ordinary shares in the Company representing an interest of 20.14% in the total voting rights of the Company. In addition, Michael Masterman is interested inΒ 6,250,000 options over ordinary shares in the Company as follows:
Stock Options Held Option Exercise Price Expiry Date
5,000,000 Β£0.04 31 December 2010
1,250,000 Β£0.03 31 December 2010
Enquiries:
Caspian Holdings Plc GrantΒ ThorntonΒ Corporate Finance
Michael Masterman Fiona Owen
T: +44 (0) 7791 288381 T: +44 (0) 20 7383 5100
www.caspianoil.co.ukΒ
Hoodless BrennanΒ Parkgreen Communications
Luke Cairns Ana Ribeiro / Justine Howarth
T: +44 (0) 20 7538 1166 T: +44 (0) 20 7851 7480
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