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Kryso Resources

  • BY: Andrew Hore |
  • POSTED: 11/08/2009 |

Kryso Resources has appointed Beijing General Research Institute of Mining & Metallurgy to carry out the bankable feasibility study for the Pakrut gold project, which should be published before the end of 2009.

Kryso believes that the Chinese consulting group will provide a timely and cost effective report.

The plan is to start mining at Pakrut in Tajikistan in 2011 and production should be in excess of 100,000 ounces of gold a year. Cash costs are expected to be around $300/ounce.

The latest news added 1p to the share price taking it to 7.75p. That values Kryso at 9.58m.

Kryso agreed to raise just over 3m from share and loan note issues in February 2009. The shares were to be issued at 8.78p each - well above the market price - while the 500,000 loan note was convertible at 5.5p a share. The average share price was to be 8p.

The loan note was converted and Vertex Mining International owns 9.24% of Kryso. The failure to pass one resolution, which related to a change in the articles of association relating to the board, in a general meeting in May 2009 meant that the share placing lapsed.

Orbis Equity Partners agreed to raise up to 1.5m at 5p a share. By July 2009, 727,500 had been raised.

Great Basin Gold converted its 500,000 loan plus interest into ordinary shares at 5p each. This takes its stake in Kryso to 19.5%. It also received one warrant to subscribe for an additional share at 8p each for every converted share.

Vassilios Carellas resigned as managing director in May 2009.

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