Dec 21 2010
Maxim Finskiy, 22 Voznesensky Pereulok, Moscow 125009, Russia, announces that LLC UK Dalsvetmet, a company wholly-owned, directly and indirectly, and controlled by Finskiy, has acquired ownership of 85,000,000 common shares of White Tiger Gold Ltd., representing approximately 94.7% of the issued and outstanding common shares of White Tiger Gold.
Finskiy has the power to exercise control and direction over the Common Shares. Prior to the acquisition of the Common Shares, Finskiy and DZM did not own or control any securities of White Tiger Gold.
The Common Shares were acquired by DZM pursuant to a binding acquisition agreement (the "Acquisition Agreement") among DZM, White Tiger Gold and Diascia Investments Limited ("Diascia"), a directly and indirectly wholly-owned subsidiary of White Tiger Gold incorporated in the Republic of Cyprus. Pursuant to the Acquisition Agreement, White Tiger Gold indirectly acquired, through Diascia, the entire interest of DZM in Ildikangold, Dalsvetmet, LLC Koryakmining and Vostokzvetmet, being four wholly-owned subsidiaries of DZM, and the entire 80% interest of DZM in a fifth subsidiary, LLC Geozvetmet, in exchange for the issuance by White Tiger Gold of the Common Shares to DZM (the "Transaction"). The Transaction was a private transaction outside of any market or other facility.
For accounting purposes, the value of the Common Shares was estimated to be 742,132,000 Russian roubles. Based on the noon rate of exchange posted by the Bank of Canada on December 17, 2010 (CDN$1.00 equals 30.4136 Russian roubles), this equates to approximately CDN$24,401,320 (or CDN$0.287 per common share of White Tiger Gold).
The Common Shares were acquired for investment purposes. Finskiy (and DZM) may, in the future, increase or decrease its ownership of securities of White Tiger Gold, directly or indirectly, from time to time depending upon the business and prospects of White Tiger Gold and future market conditions.
Source: UK Dalsvetmet