Maxim Finskiy

December 23, 2009 18:19 ET

Maxim Finskiy Agrees to Acquire Securities of Century Mining Corporation

TORONTO, ONTARIO--(Marketwire - Dec. 23, 2009) - Maxim Finskiy ("Finskiy"), Voznesensky Pereulok 22, 125993 Moscow, Russia, announces that a company wholly-owned by him has entered into a subscription agreement to purchase 78,750,000 units of securities (the "Units") of Century Mining Corporation, ("Century" or the "Company") for the subscription price of $0.20 per Unit pursuant to a private placement (the "Private Placement"). The closing of the Private Placement is subject to a number of conditions precedent. Each Unit will be comprised of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one common share at a price of $0.30 for a period of 18 months from the date of issuance of the Warrant in accordance with its terms.

Finskiy currently indirectly owns and/or controls, together with joint actors, a total of 22,372,759 common shares of the Company, representing approximately 9.9% of the currently issued and outstanding common shares. Together with the securities he will indirectly acquire pursuant to the Private Placement, Finskiy will indirectly own and/or control, together with joint actors, a total of 101,122,759 common shares of the Company, representing approximately 32.5% of the issued and outstanding common shares and, assuming exercise of all of the Warrants to be indirectly acquired by Finskiy pursuant to the Private Placement, 140,497,759 common shares of the Company, representing in aggregate approximately 40.1% 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).

Finskiy has agreed to indirectly acquire the Units for investment purposes. Finskiy and the joint actors may, in the future, increase or decrease their respective ownership of securities of the Company, directly or indirectly, from time to time depending upon the business and prospects of the Company 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 the Company's profile. A copy of the EWR can be obtained from the contact below.

Contact Information

  • Andrey Shchetinin
    +7495 287 2951