News blog
Kryso Resources
- BY: Andrew Hore |
- POSTED: 16/02/2009 |
Kryso Resources is raising just over £3m to help complete the bankable feasibility study for the Pakrut gold project in Tajikstan.
A share placing at 8.78p a share will generate £2.56m before costs and a mandatorily convertible loan will raise a further £500,000. The money is being provided by Naveen Holdings.
The placing is taking place at a significant premium to the present share price. Shares in Kryso rose 1.875p to 6.75p a share, which currently values Kryso at £6.02m.
The cash will also be used to fund exploration and repay a convertible loan from Great Basin Gold.
The loan is convertible into 9.09m shares. When it is converted Naveen will own 29.99% of Kryso.
On top of this, Kryso will issue enough warrants to Naveen to potentially give it a 51% stake in the gold miner. The warrants are exercisable at 8p a share.
Naveen intends to change its name to Vertex Mining International. A related company has experience of mining in the Russian Federation.
Naveen can appoint three directors, which will be Mark Gyetvay, Gannadiy Tolmachev and Stanislav Kotov. They will replace three existing directors.
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