12 Nov 2013 07:00
Embargoed: 0700hrs, 12 November 2013
Zoltav Resources Inc.
("Zoltav" or the "Company")
Proposed Acquisition
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Temporary Suspension of Trading in Shares Pending Announcement and Publication an Admission Document
Zoltav (AIM: ZOL), the CIS-focused oil and gas exploration and development company, is pleased to announce that it has today signed a letter of intent with Bandbear Limited ("Bandbear"), a Substantial Shareholder in the Company, pursuant to which Zoltav proposes to acquire certain producing oil and gas assets in the Russian Federation from Bandbear (the "Proposed Acquisition") which Bandbear has concurrently agreed to acquire from an unrelated third party.
The Proposed Acquisition, of which there can be no certainty of a successful conclusion, will constitute a Reverse Takeover and a Related Party transaction under the AIM Rules. Completion of the Proposed Acquisition therefore requires the publication of an AIM Admission Document in relation to the Enlarged Company and will be conditional on the consent of shareholders being given at a General Meeting. As such, trading in the Company's shares will be suspended immediately pending announcement and publication of the Admission Document.
Further information on the progress of the Proposed Acquisition will be provided in due course.
Contacts:
Zoltav Resources Inc. | Tel. +44 (0)20 7016 9574 |
Symon Drake-Brockman, Executive Chairman | (via Vigo Communications) |
Shore Capital (Nomad and Broker) | Tel. +44 (0)20 7408 4090 |
Pascal Keane or Toby Gibbs (Corporate Finance) | |
Jerry Keen (Corporate Broking) | |
Vigo Communications | Tel. +44 (0)20 7016 9574 |
Patrick d'Ancona or Ben Simons | |
About Zoltav
Zoltav is an oil and gas exploration and development company building a portfolio of assets in the CIS. In July 2013, Zoltav acquired CenGeo Holdings which, through its wholly owned subsidiary SibGeCo, holds the Koltogor Licence located in the Khantiy-Mansisk Autonomous Okrug of Western Siberia. The Koltogor Licence contains the Koltogor oil discovery with probable reserves of 73,531,000 barrels of oil. Zoltav is engaged in an appraisal programme of the Koltogor oil field with a view to developing the field for commercial oil production.
In parallel with its operations at Koltogor, Zoltav continues to review other oil and gas acquisition opportunities across the CIS, with a particular emphasis on the Russian Federation.
For further information on Zoltav or to sign up for the news alert service visit: www.zoltav.com
The following definitions apply in this announcement, unless the context otherwise requires:
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Admission Document | admission document relating to the Enlarged Group to be prepared in accordance with the AIM Rules by the Company and posted to Bayfield Shareholders in due course
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AIM | the AIM market operated by the London Stock Exchange
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AIM Rules | rules for companies whose securities are admitted to trading on AIM published by the London Stock Exchange
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Enlarged Company | the Company and its subsidiaries following completion of the Proposed Acquisition
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General Meeting | general meeting of the Company to be convened in due course at which resolutions will be proposed to, inter alia, approve the Proposed Acquisition
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Related Party | a substantial shareholder
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Substantial Shareholder | Any person who holds any legal or beneficial interest directly or indirectly in 10% or more of any class of AIM security (excluding treasury shares) or 10% or more of the voting rights (excluding treasury shares) of an AIM Company
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