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Director Dealing: Chaarat

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Chaarat (AIM:CGH), the AIM-quoted gold mining Company with an operating mine in Armenia and assets at various stages of development in the Kyrgyz Republic, has been informed that Labro Investments Limited (“Labro“), the majority of shares in which the Company’s Chairman, Martin Andersson, is indirectly beneficially interested, has made the following market purchases of ordinary shares of US$0.01 each in the capital of the Company (“Ordinary Shares“):

  • on 15 April 2021, 435,000 Ordinary Shares at an aggregate price of approximately 30.32 pence per Ordinary Share; and
  • on 16  April 2021, 150,000 Ordinary Shares at an aggregate price of approximately 30.54 pence per Ordinary Share.

Following these purchases, Labro now holds 284,503,769 Ordinary, representing 41.44% of the Company’s issued share capital.  The combined holding of Labro and Martin Andersson is now 290,333,765 Ordinary Shares representing 42.28% of the Company’s issued share capital.


Martin Andersson Executive Chairman of the Board Past roles
A graduate of the Stockholm School of Economics and HEC Paris, Martin worked in mergers and acquisitions at Booz Allen Hamilton and advised the Russian Government on its privatization programme. In 1993 he co-founded Brunswick Brokerage – a Moscow based investment bank that was later sold to UBS – initially holding the position of CEO and from 1999 as Chairman of the joint venture, Brunswick UBS Warburg. Between 2006 and 2013 he was a shareholder and served on the Board of Siberian Coal Energy Company (SUEK), one of the largest thermal coal producers in Russia.


Chaarat Gold Holdings (AIM: CGH). This £185m Mkt Cap gold company has assets in the Kyrgyz Republic and Armenia is a  gold producer. Recently reported finals to December showing a  12% increase in revenues to $76m as the production improved to 58.2koz of gold from its  Kapan Mine and with moderate help from commodity prices an  EBITDA of $9.3m was reported  compared to a loss.  CGH however are in the process of significantly increasing production over the next few years. After a Fund raise of $31m at 25p which include some debt conversion there is cash to continue to explore a large target in Kyzyltash.. Most of the funds are to be invested in the Tulkubash Armina  mine development where work is being done to updated the BFS and close the debt finance with a  target to start production in Q4 2022.  Towards  that end the Definitive Feasibility Study (DFS) is expected shortly and then the non-equity Project financing will follow. Chaarat’s gold production is set to increase by 3-5x.  A solid buy at 30p .

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