Dar Es Salaam, Tanzania (PRWEB) March 1, 2010
Kastan Mining announced today that the Company had a final closing February 24th for its convertible preferred share private offering to investors in the United States. The offering commenced in mid December, and the offering amount subsequently was increased given strong investor interest. This is the first US offering for Kastan and the first investment in the Company for the preferred share subscribers. Legal counsel to the Company in connection with the offering was provided by Proskauer Rose LLP in the United States and LawCastles in Tanzania.
Kastan’s Chairman, Yun Ho Cho, commented: “As Kastan’s first investor, it is gratifying and encouraging that this experienced and discerning group has chosen to join me as investors in the Company.”
Kastan’s CEO, John Tate, commented: “We are very encouraged to have attracted this sophisticated group of new investors to Kastan Mining. Their capital will fuel our revenue growth, and their experience and relationships will be an important value add to the Company going forward.”
Kastan’s Executive Vice President—Corporate Strategy, George Gaines commented: “Despite the holidays in the U.S., we were able to successfully complete the offering in approximately two months. The strong interest reflects both the potential of our business plan and our progress to date in building a valuable company.”
About Kastan Mining
Headquartered in Dar es Salaam, Tanzania, Kastan Mining is a mining and exploration company focused on mining opportunities in Tanzania. Kastan has several initiatives underway at various stages of development ranging from initial production to early exploration.
This press release contains statements which constitute forward-looking statements within the meaning of the US securities laws. Such statements include, but are not limited to, statements with regard to capacity, future production and grades, projections for sales growth, estimated revenues and reserves, targets for cost savings, the construction cost of new projects, projected capital expenditures, the timing of new projects, future cash flow and debt levels, the outlook for minerals and metals prices, the outlook for economic recovery and trends in the trading environment and may be (but are not necessarily) identified by the use of phrases such as “will”, “expect”, “anticipate”, “believe” and “envisage”. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and may be outside Kastan’s control. Actual results and developments may differ materially from those expressed or implied in such statements because of a number of factors, including levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation and other factors over which Kastan has limited control.