Zoltav Resources: Secures 2m of the 20m USD Subscription from ARA Capital

Further to the announcements of 10 June and 4 July 2013, Zoltav, the CIS-focused oil and gas exploration and development company, is pleased to announce that it has received cleared funds of US$2 million from ARA Capital Limited relating to the second tranche of the US$20m subscription entered into with ARA Capital at the time of the Company’s re-admission to AIM. Under the terms of the Subscription the Company has issued 1,819,836 new ordinary shares of US$0.20 each to ARA Capital at a price of 70 pence per share.  US$15m of the US$20m Subscription has now been received by the Company with the final US$5m tranche due to be received by 1 April 2014.

Following the issue of the 1,819,836 new Ordinary Shares ARA Capital is now interested in 23,184,110 Ordinary Shares representing 40.6 per cent. of the issued share capital of the Company.

Application has been made for the 1,819,836 new Ordinary Shares to admit to trading on AIM on 6 January 2013 (“Admission”). Following Admission there will be 57,161,189 Ordinary Shares in issue. This number may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company. The 1,819,836 new Ordinary Shares will rank pari passu in all respects with the Company’s Ordinary Shares including the rights to all dividend and other distributions declared, made or paid following Admission and will be issued fully paid.