Share offer in Celtic Resources to close next week

ISEQ-listed Celtic Resources Holdings, which aims to become one of the largest gold producers in Russia and Kazakhstan by 2007, has reminded shareholders that the £3m Open Offer of 2,222,222 new shares following a 10:1 share consolidation closes at 3pm next Tuesday.

The offer is part of a placing to raise up to £8m through a £5m institutional raising by brokers Williams de Broe and the £3m open offer to all shareholders.

The shares are expected to be admitted to trading on the Alternative Investment Market of the London Stock Exchange on 14 October 2002, giving a post float market capitalisation of up to £39m at the issue price.

At the same time, Celtic Resources will withdraw the trading facility for its shares on the ESM of the Irish Stock Exchange.

Managing director Kevin Foo said today that the company, which is currently listed on the ESM, "has been encouraged by the level of support shown to date by shareholders in sending in their Application Forms and Payment. "

The Company manages gold resources of more than 30 million ounces and operates two mines, Nezhdaninskoye in Russia and Suzdal in Kazakhstan.

The funds raised will be used to accelerate gold production at the 50% owned Nezhdaninskoye gold and silver mine in Yakutia.

An EGM to obtain shareholder approval for the consolidation and share capital changes, the issuance of Ordinary Shares pursuant to the Open Offer and Placing and authority to issue further Ordinary Shares for other purposes will be held on 10 October.