Results of Extraordinary General Meeting of Shareholders
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Saint-Petersburg, Russia, March 18, 2009 - JSC "Polymetal" (LSE, MICEX, RTS: PMTL) ("Polymetal" or the "Company") announces the results of the Extraordinary General Meeting of Shareholders of the Company ("EGM") that was held yesterday in the form of absentee voting.
Agenda of the EGM was the following:
1. To approve increase of share capital of the Company by issuance and placement of new ordinary shares.
2. To determine the appraiser to be engaged for determining market value of property that can be used as consideration for the shares to be placed.
All items of the agenda were approved by the EGM. Specifically, shareholders approved issuance and placement of 30,000,000 new shares of Polymetal in the form of closed subscription as per item one of the agenda and determined LLC "Business-Otsenka ST" as the appraiser as per item two of the agenda.
The Company reminds that on January 23, 2009 it announced that a 100% of the shares in CJSC "Artel of prospectors "Ayax" holding the mining license for Goltsovoye silver deposit located in the Magadan region of Russia ("Ayax") and receivables of US$8,653,682.10 due from Ayax were acquired by Polymetal and a third party entity in exchange for a payment of US$8,653,682 by Polymetal and the transfer of 7.5 million common shares in Polymetal by the third party entity. The Company plans to place 7.5 million of its new ordinary shares in exchange of 35,934 shares in Ayax and thus consolidate a 100% stake in Ayaks.
According to the Russian legislation, shareholders who voted "against" or abstained from voting will have the preemptive right to purchase newly issued shares of Polymetal for cash at a price that will be determined by the Board between the dates of state registration of share issuance and the beginning of placement of new shares.
Pavel Danilin
VP, Corporate Finance and Investor Relations
Tel.: +7 812 334 3666
E-mail: danilin@polymetal.ru
Website: www.polymetal.ru
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This release includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or "should" or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Forward-looking statements are not guarantees of future performance. Many factors that could cause the Company's actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. These forward-looking statements speak only as at the date of this release. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.