Maxim Finskiy

December 24, 2009 14:54 ET

Acquisition of Securities of Century Mining Corporation

TORONTO, ONTARIO--(Marketwire - Dec. 24, 2009) - Maxim Finskiy ("Finskiy"), Voznesensky Pereulok 22, 125993 Moscow, Russia, announces that a company wholly-owned by him has acquired 20,000,000 units of securities (the "Units") of Century Mining Corporation, ("Century") at a price of $0.16 per Unit (the "Acquisition") pursuant to two private transactions. Each Unit is comprised of one common share of Century and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles the holder to purchase one common share at a price of $0.30 for a period of 18 months.

Prior to the Acquisition, Finskiy indirectly owned and/or controlled, together with joint actors, a total of 22,372,759 common shares of Century, representing approximately 9.9% of the then issued and outstanding common shares. Following the Acquisition, Finskiy indirectly owns and/or controls, together with joint actors, a total of 42,372,759 common shares of Century, representing approximately 17.2% of the issued and outstanding common shares and, assuming exercise of all of the Warrants indirectly acquired by Finskiy pursuant to the Acquisition, 52,372,759 common shares of Century, representing in aggregate approximately 20.5% of the issued and outstanding common shares, calculated on a partially diluted basis (not including the exercise of any other securities convertible into common shares held by any other holder).

As announced in a press release dated December 23, 2009, pursuant to a subscription agreement between a company wholly-owned by Finskiy and Century, Finskiy may indirectly acquire an additional 78,750,000 Units (the "Additional Units") at a price of $0.20 per Unit pursuant to a private placement (the "Private Placement"). Following Finskiy's indirect acquisition of the Additional Units, Finskiy will indirectly own and/or control, together with joint actors, a total of 121,122,759 common shares of Century, representing approximately 36.6% of the issued and outstanding common shares and, assuming exercise of all of the Warrants comprising part of the Units and Additional Units indirectly acquired by Finskiy, 170,497,759 common shares of Century, representing in aggregate approximately 44.8% of the issued and outstanding common shares, calculated on a partially diluted basis (not including the exercise of any other securities convertible into common shares held by any other person). The Private Placement is subject to a number of conditions precedent and there can be no assurance that the Private Placement will close on the terms described above or at all.

Finskiy acquired the Units for investment purposes. Finskiy and the joint actors may, in the future, increase or decrease their respective ownership of securities of Century, directly or indirectly, from time to time depending upon the business and prospects of Century and future market conditions.

An early warning report (the "EWR") will be filed on SEDAR and will be available for review at www.sedar.com under Century's profile. A copy of the EWR can be obtained from the contact below.

Contact Information

  • Andrey Shchetinin
    +7495 287 2951