Chaarat Gold Holdings Limited, the British Virgin Islands-registered company focused on the exploration and development of mineral resources in the western part of the Kyrgyz Republic, has been notified that on 21 and 24 October 2011 company’s Non-Executive Chairman Christopher Palmer-Tomkinson purchased an aggregate of 100,000 ordinary shares of US$0.01 each in the BVI company at an average price of 27p per share.
After these purchases, company’s chairman has a beneficial interest in 10,100,000 shares that represent approximately 4% of company’s issued share capital.
British Virgin Islands-registered international public company Orca Exploration Group Inc. announced its intention to initiate a Normal Course Issuer Bid for purchase of its Class “B” Subordinate Voting Shares through the facilities of the TSX Venture Exchange. Purchases made pursuant to the Bid will not exceed 1,701,345 of the Class “B” shares of Orca representing up to 5% of the total amount of 34,026,900 Class “B” shares. The Bid provisions will be in effect from October 10, 2011 to October 9, 2012.
Orca Exploration Group believes that the purchase of Class “B” shares under the Bid will contribute to the facilitation of an orderly market and be in the best interests of the BVI corporation and its shareholders. The Class “B” shares will be purchased by Orca on the open market exclusively through the facilities of the TSX Venture Exchange pursuant to its rules governing normal course issuer bids.
The British Virgin Islands-registered company Chaarat Gold Holdings Limited announced unaudited results for the six month period ended 30 June 2011. By words of Chief Executive Officer of Chaarat, the BVI company has sustained progress with both exploration and on planning and initiating the infrastructure for the mining operation. He also said that the proceeds of the placing completed in February are starting to be deployed, whilst resource base continues to grow as expected.
According to the Consolidated income statement of the BVI company for the six months period, company’s financial income was USD 806,895 (compared to 8,270 in the same period of 2010). In the consolidated balance sheet of the company as of 30 June 2011, there are the following figures: total assets of the company are USD 95,126,962 , reported share capital is USD 2,503,562, accumulated losses of the BVI company are USD 92,387,842.
Chaarat Gold is an exploration and development company operating in the Kyrgyz Republic. Currently company’s main activities are the development of the Kiziltash Project and the Tulkubash Project situated within the Middle Tien Shan Mountains of Kyrgyzstan.