City law firm Speechly Bircham, has advised Kryso Resources plc, the AIM-listed mineral exploration company, on its £3.1 million proposed financing.
Kryso is an emerging mineral exploration company which is principally focused on exploring the gold and other precious and base metal deposits previously discovered in Central Asia during the Soviet Union era and then, where appropriate, bringing them into production. Kryso, which has its head office in London, is a public company that was admitted to the AIM in December 2004.
The transaction involves a conditional placing of new ordinary shares to raise approximately £2.56 million before expenses, a mandatorily convertible loan of £500,000 (convertible upon completion of the placing) and the issue of warrants to subscribe for additional shares up to 51% of the enlarged share capital of Kryso, conditional on the placing.
Kryso entered into a conditional subscription agreement with Naveen Holdings Limited, a company beneficially wholly owned by Stanislav V. Kotov, on 13 February 2009. Completion of the subscription agreement is conditional upon a number of things, including admission of the new shares to trading on AIM and the shareholders of Kryso passing a resolution (amongst other things) to approve the waiver of Rule 9 of the City Code on Takeovers and Mergers.
Vasilios Carellas, Managing Director at Kryso says: “We were very impressed by the dedication and hard work shown by Duncan Scott of Speechly Bircham in implementing this transaction. He was highly professional and we valued his commercial advice and support throughout. We look forward to working with him to ensure efficient and timely completion of this matter”.
Naveen Holdings Limited was advised by Orrick, Herrington & Sutcliffe.
Senior corporate solicitor, Duncan Scott, led the Speechly Bircham team in advising Kryso. The team also included corporate partner, Andrew Collins, and corporate assistant solicitor, Gráinne Ward.
For more information, please contact:
Duncan Scott, corporate solicitor, on 020 7427 6750 or
Sarah Gerard, press office, on 020 7427 6679