Kyrgyzaltyn JSC

December 30, 2009 13:13 ET

Kyrgyzaltyn JSC Announces Release of Centerra Shares From Escrow

BISHKEK, KYRGYZ REPUBLIC--(Marketwire - Dec. 30, 2009) - Kyrgyzaltyn JSC ("Kyrgyzaltyn") announced today that 25,300,000 common shares of Centerra Gold Inc. ("Centerra") that had been placed in escrow by Cameco Corporation ("Cameco") earlier this year for the benefit of Kyrgyzaltyn and/or Cameco have been released from escrow to Kyrgyzaltyn.

As previously announced, the 25,300,000 common shares of Centerra (the "Cameco Contributed Shares") had been deposited in escrow by Cameco pursuant to an agreement dated April 24, 2009 (the "Agreement") among Kyrgyzaltyn, the Government of the Kyrgyz Republic acting on behalf of the Kyrgyz Republic, Cameco, Centerra, Kumtor Gold Company CJSC and Kumtor Operating Company CJSC. In connection with transactions completed under the Agreement, on June 11, 2009 Cameco deposited the Cameco Contributed Shares in escrow, for the benefit of and on behalf of Kyrgyzaltyn and/or Cameco. The release of the Cameco Contributed Shares to Kyrgyzaltyn was subject to certain conditions set forth in the Agreement and the number of such shares to be released to Kyrgyzaltyn was subject to potential adjustment pursuant to the Agreement. As a result of the satisfaction of the conditions for the release of all of the Cameco Contributed Shares to Kyrgyzaltyn, those shares have now been released to Kyrgyzaltyn. Kyrgyzaltyn currently holds 77,401,766 Centerra shares, representing 33% of the issued and outstanding Centerra shares.

The Cameco Contributed Shares were transferred to Kyrgyzaltyn in consideration of the various undertakings and rights being given by Kyrgyzaltyn and the Government of the Kyrgyz Republic under the Agreement.

Subject to the terms of the Agreement, Kyrgyzaltyn may, from time to time, acquire additional Centerra shares, dispose of some or all of the existing or additional Centerra shares, or may continue to hold the Centerra shares.

The acquisition of the Cameco Contributed Shares was made by Kyrgyzaltyn in reliance upon an exemption provided under Canadian Multilateral Instrument 62-104 - Take-over Bids and Issuer Bids.

Contact Information

  • Kyrgyzaltyn JSC
    Alexey Eliseev
    +996 555 978 555
    or
    Kyrgyzaltyn JSC
    Ulitsa Abdumomunova, dom 195
    Bishkek 720040
    Kyrgyz Republic