Polymetal International plc (POLY) 
Polymetal: Polymetal exchanges its Chaarat convertible notes into equity 
 
30-Jul-2019 / 09:00 MSK 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
Release time IMMEDIATE LSE, MOEX, AIX: POLY / ADR: AUCOY 
Date         30 July 2019 
 
Polymetal International plc 
 
Polymetal exchanges its Chaarat convertible notes into equity 
 
    Polymetal announces that following the sale of the Kapan mine in January 
         2019 to Chaarat Gold Holdings Limited (AIM: CGH) (together with its 
  subsidiaries - "Chaarat"), Polymetal has agreed to exchange the US$ 10m of 
  Chaarat's Convertible Notes received as part of original consideration, as 
          well as factoring in working capital settlement under the SPA, for 
  14,638,020 newly issued ordinary shares of US$ 0.01 each ("New Shares") in 
  Chaarat. This shall represent 3.5% of the enlarged issued share capital of 
           Chaarat post allotment. 
 
   "Exchange of convertibles into Chaarat stock, working capital settlement, 
and release of warranties and indemnities ensure Polymetal's direct exposure 
  to Chaarat's performance while limiting legacy jurisdictional risks," said 
           Vitaly Nesis, Group CEO of Polymetal. 
 
       The New Shares will be subject to a 12-months lock-up arrangement and 
Chaarat will have a right of first refusal in the event of the sale of those 
           New Shares. 
 
  As a part of this arrangement Chaarat Gold International Limited, a wholly 
owned subsidiary of Chaarat, has agreed to release Polymetal from warranties 
     and indemnities under the sale and purchase agreement on acquisition of 
       Kapan except for a limited number of reserved matters. This deal also 
 settles the post-completion working capital adjustment between the parties. 
 
   Chaarat has also agreed to waive its exclusivity right and right of first 
refusal for Lichkvaz, Polymetal's remaining asset in Armenia. This will pave 
the way for involving other interested parties into the ongoing sale process 
           for Lichkvaz. 
 
           About Polymetal 
 
    Polymetal International plc (LSE, MOEX, AIX: POLY, ADR: AUCOY) (together 
    with its subsidiaries - "Polymetal", the "Company", or the "Group") is a 
 top-20 global gold producer and top-5 global silver producer with assets in 
     Russia and Kazakhstan. The Company combines strong growth with a robust 
           dividend yield. 
 
           Enquiries 
 
Media                     Investor Relations 
 
FTI          +44 20 3727  Polymetal ir@polymetalinternational.com 
Consulting   1000 
 
                          Eugenia   +44 20 7016 9505 (UK) 
Leonid Fink               Onuschenk 
                          o 
 
                                    +7 812 334 3666 (Russia) 
Viktor 
Pomichal                  Timofey 
                          Kulakov 
 
Joint Corporate Brokers 
 
Morgan       +44 20 7425  RBC       +44 20 7653 4000 
Stanley      8000         Europe 
                          Limited 
 
Andrew 
Foster                    Marcus 
                          Jackson 
 
Richard 
Brown                     Jamil 
                          Miah 
 
Panmure 
Gordon       +44 20 7886 
             2500 
 
Charles 
Lesser 
 
James 
Stearns 
 
FORWARD-LOOKING STATEMENTS 
 
       THIS RELEASE MAY INCLUDE STATEMENTS THAT ARE, OR MAY BE DEEMED TO BE, 
"FORWARD-LOOKING STATEMENTS". THESE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS 
        AT THE DATE OF THIS RELEASE. 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. THERE ARE MANY FACTORS THAT COULD 
   CAUSE THE COMPANY'S ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER 
     MATERIALLY FROM THOSE EXPRESSED IN SUCH FORWARD-LOOKING STATEMENTS. 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 
 
ISIN:          JE00B6T5S470 
Category Code: MSCL 
TIDM:          POLY 
Sequence No.:  14977 
EQS News ID:   848359 
 
End of Announcement EQS News Service

(END) Dow Jones Newswires

July 30, 2019 02:00 ET (06:00 GMT)

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