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OAO Severstal (SVST)

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Friday 07 August, 2009

OAO Severstal

Closing of offer for shares o

RNS Number : 1048X
OAO Severstal
07 August 2009

Severstal intends to close its final cash offer for High River Gold at 11:59 p.m (Toronto time) on August 10, 2009

Lybica Holding B.V. ('Lybica'), an affiliate of ZAO Severstal Resources ('Severstal'), the mining division of OAO Severstal, announced today that it intends to close its final offer (the Offer'for all of the issued and outstanding common shares (the 'Common Shares') of High River Gold Mines Ltd. ('High River') (excluding the Common Shares currently controlled by Severstal) at 11:59 p.m. on August 10, 2009, as previously announced, and will take up all Common Shares tendered 

Upon expiration of the Offer, Severstal intends to seek to restructure the loans between Severstal and High River which remain in default with a view to retirement of the loans and will review operational options for High River.

Alexei Kulichenko, Chief Financial Officer of OAO Severstal, commented: 'As previously announced, this represents our best and final offer which we think provides High River shareholders with attractive cash value for their shares. This view has been supported by a number of independent research analysts from such reputable firms as CIBC, Cormark Securities and Scotia Capital, and we believe High River shareholders should take advantage of the last opportunity to tender their shares.

Morgan Stanley & Company Limited and Torys LLP are acting as the financial and legal advisors to Severstal on this transaction.


Sergey Loktionov
Secretary, Severstal Resources
+7 495 9810910 ext. 6648

Peter Bacchus
Managing Director

Morgan Stanley

+44 (0) 20 7425 4669

Vladimir Samarin
Vice President

Morgan Stanley

+44 (0) 20 7425 4361

David Kaiser

Senior Vice President

Fleishman-Hillard Canada Inc. for Severstal

+1(416) 645-3682

This information is provided by RNS
The company news service from the London Stock Exchange