Stockholm, 2012-05-24 13:36 CEST (GLOBE NEWSWIRE) --
At the Annual General Meeting of Central Asia Gold AB (publ) held on May 24, 2012, the profit and loss account, balance sheet, consolidated profit and loss account and consolidated balance sheet for the financial year 2011 were approved. The AGM decided that the Company’s non-restricted equity of SEK 258,789,666 shall be carried forward and that no dividends shall be paid for the financial year 2011.
The members of the Board of Directors and the Managing Director were discharged from liability for the financial year 2011.
A remuneration to be paid to the Chairman of the Board of Directors and other members of the Board during the period until the next AGM was approved. The Chairman is to be remunerated at 250,000 SEK and the ordinary members of the Board, at 250,000 SEK. Remuneration is to be paid in six increments for each of six meetings requiring physical presence, and to be withheld for non-attendance of a required meeting. No remuneration is to be paid for board members who receives salary from the company.
Lars Guldstrand, Preston Haskell and Nick Harwood were re-elected to the Board of Directors, and Ingmar Haga and Denis Alexandrov were elected as new members of the Board. Preston Haskell was appointed Chairman of the Board of Directors, this to be registered as soon as practically possible.
The accounting firm Öhrlings PricewaterhouseCoopers AB was elected auditors of the company, with Martin Johansson being the principal auditor and fees to the auditor shall be based on approved invoices on the time and rate.
The AGM decided to change the name of the company to Auriant Mining AB (publ), to mark the changes being implemented by the company and to build international awareness of the company.
The Board of Directors was authorized, for the period until the next Annual General Meeting, on one or more occasions, to issue new shares/ warrants and/or convertibles, with or without preferential rights of shareholders. Decisions related to this authorization may result in an increase of the share capital by a maximum of 28,125,000 SEK, representing a maximum of 2,500,000 shares of the company, upon full exercise of the warrants and convertible bonds issued under the present authorization and prior to any conversion in accordance to its terms. The Board is authorized to define other terms and conditions for the rights issue.
The AGM decided to cancel the unsubscribed warrants issued under the incentive program to some employees of the Group, according to the resolution made by the AGM on June 28, 2010.
The AGM decided in accordance with the Nomination Committee’s proposal regarding principles of the nomination process for the 2012 AGM and also decided in accordance with the Board of Directors’ proposal on guidelines for remuneration of executive management.
Short name: CAG
ISIN-code: SE0001337213
For more information, please contact:
Preston Haskell, CEO in Central Asia Gold AB, tel: +46 76 890 5549
E-mail: preston.haskell@centralasiagold.se
Website: www.centralasiagold.se, Postal and visiting address: Engelbrektsplan 2, 4tr
SE-114 34 Stockholm
Central Asia Gold AB is a Swedish mining company focused on gold production and exploration in Russia in the central parts of Asia. In 2011, totally 410 kg of gold was produced. As of the beginning of April 2012, the company’s assets were estimated to encompass some 1,000,000 oz of C1/ C2 Russian gold reserves (around 32 tons).
Since July 19, 2010, Central Asia Gold´s shares are traded on First North Premier at the NASDAQ OMX Nordic Exchange under the short name CAG. For more information please visit www.centralasiagold.se. Mangold Fondkommission is Certified Adviser to CAG, for more information please call +46 8 503 015 50 or visit www.mangold.se.
Cautionary Statement: Statements and assumptions made in this report with respect to Central Asia Gold AB’s (“CAG”) current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of CAG. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where CAG operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) CAG’s continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) exchange rates, particularly between the Russian rouble and the U.S. dollar. In the light of the many risks and uncertainties surrounding any gold production and exploration company at an early stage of its development, the actual results could differ materially from those presented and forecast in this report. CAG assumes no unconditional obligation to immediately update any such statements and/or forecasts
This press release shall not, directly or indirectly, be released, published or distributed in or to the United States, Australia Japan, Canada, New Zealand, Hong Kong, South Africa or other country where such action as a whole or in part is subject to legal restrictions. Nothing in this press release should be considered as an offer to invest or otherwise trade in shares of Central Asia Gold AB (publ). The proposed issue will not be directed at residents or those living in the United States, Australia, Japan, Canada, New Zealand, Hong Kong, South Africa or other country where such action would require further prospectus, other offering documentation, registration or other measures beyond those required by Swedish law. No securities will be registered under the United States Securities Act of 1933, a similar law in any state in the United States, or under any provincial law in Canada, nor under the applicable law of another country.