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Oxus Gold PLC (OXS)

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Thursday 30 December, 2010

Oxus Gold PLC

Lapse of Financing Agreement

RNS Number : 7439Y
Oxus Gold PLC
30 December 2010
 



Oxus Gold plc ("Oxus Gold" or the "Company")

 

Lapse of Financing Agreement

 

30 December 2010

 

Further to the announcements dated 9 June 2010 and 17 November 2010, Oxus Gold was today advised that the further approvals necessary to give effect to the financing agreement between the Company and a consortium of Chinese investors (the "Consortium") will not be granted by 31 December 2010. Accordingly, the financing agreement between the Company and the Consortium will lapse on 31 December 2010.

 

In the event that the Consortium and Oxus Gold enter into a new proposed financing agreement after 31 December 2010, such agreement would likely be subject to the agreement of the Takeover Panel and the approval of the Company's shareholders at a general meeting.

 

The Board of Oxus Gold will continue to pursue a financing agreement with the Consortium to provide sufficient debt and equity funding to allow the Company to finance and develop the 50% owned Amantaytau Goldfields ("AGF") joint venture in Uzbekistan, including the expansion of AGF's existing open pit heap leach mining operations, the development of one or more underground mines and an accelerated exploration programme. However, the Company will also explore opportunities with other third parties to provide funding for the development of the Company's assets.

 

 

Enquiries:

Oxus Gold plc                                                             Tel: +44 (0)20 7907 2000

Richard Shead
Richard Wilkins

Fairfax I.S. PLC

Nominated Adviser and Broker

Ewan Leggat                                                                 Tel: + 44(0)20 7598 5368

Conduit PR

Ed Portman                                                                   Tel: + 44 (0)20 7429 6607

 


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