Investment in Leed Petroleum plc (5175U)
22 Dezember 2011 - 2:55PM
UK Regulatory
TIDMVIR TIDMLDP
RNS Number : 5175U
Viridas PLC
22 December 2011
Viridas plc
("Viridas" or the "Company")
Investment in Leed Petroleum plc
Viridas announces that it has acquired 592,666,667 ordinary
shares in Leed Petroleum plc ("Leed") from Old Church Street
Holdings Limited and Lighthouse Investments Limited at a price of
0.08 pence per share, for an aggregate consideration of GBP474,133.
It will also receive 166,666,667 warrants to subscribe for new
ordinary shares in Leed at a subscription price of 0.15 pence per
share. As a result of this acquisition, Viridas will have a 22.2%
shareholding in Leed. At the same time, Nicholas Lee, Chairman of
the Company will join the board of Leed as a non-executive
director.
Leed is a natural resources company listed on AIM with a current
market valuation of GBP1.9 million. It currently has an investment
in Manas Coal Limited Liability Company ("Manas"), the main
activity of which is the exploration and development of coking coal
resources and deposits within the Kyrgyz Republic. Leed acquired
this investment for around GBP1 million and also has cash resources
of around GBP1.4 million.
Manas holds a licence for the exploration of coal in the Eastern
Kokkia area of Toguz-Toro district, Jalal-Abad region, Kyrgyz
Republic. On the basis of previous geological studies and
exploration, the official Kyrgyz Government's resource register
records an estimated reserve of approximately 114 million tons of
high grade coking coal in the area covered by the Manas licence.
The other shareholders in Manas include Dr. Reza Tabrizi, who has
many years experience of advising major corporates and governments
in the region, including the Kyrgyz government on energy matters,
Mr. Kubanychbek Jumaliev, formerly Prime Minister of the Kyrgyz
Republic and Mr. Dushenbek Kamchybekov, formerly Minister of
Natural Resources in the Kyrgyz Republic.
Located in Central Asia, and bordering the People's Republic of
China, the Kyrgyz Republic is one of the world's six independent
Turkic states. Among its significant mineral reserves are
substantial deposits of coal, gold, uranium and other valuable
earth metals. The Kyrgyz Government is committed to the development
of a market economy and is actively encouraging foreign investment
in extracting and processing these resources.
Nicholas Lee, Chairman said:
"The investment in Leed provides Viridas with an interest in an
attractive asset in an exciting part of the world along with access
to additional funding for Manas and other potential opportunities.
The acquisition of strategic stakes in companies with a combination
of cash and natural resource assets enables the Company to fulfil
its investment strategy whilst securing funds for the future growth
of those assets. The investment in natural resource related assets
carries a degree of inherent risk and so by making a number of
selective investments, Viridas is able to gain exposure to a range
of attractive opportunities on a reduced risk basis"
For more information please contact:
Viridas plc:
Nicholas Lee, Chairman +44(0) 20 7580 7576
Nominated Advisor and Joint Broker:
Arbuthnot Securities
Antonio Bossi/Paul Gillam +44(0) 20 7012 2000
Joint Broker:
Rivington Street Corporate Finance
Peter Greensmith +44(0) 20 7562 3351
This information is provided by RNS
The company news service from the London Stock Exchange
END
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