UGC announces SPO, will place 2%-4% of shares at price not to exceed 84 kopecks per share

MOSCOW. June 20 (Interfax) - Yuzhuralzoloto Group of Companies (UGC) announced an SPO which will offer investors an additional issue of shares equal to 2%-4% of the company's current charter capital.

As reported by UGC, the SPO price will be set after the order book is set, but will not exceed 84 kopecks per share.

The funds raised during the SPO, minus organizational costs, will be used by the company to further reduce its debt burden and for other general corporate purposes. The main shareholder of UGC, Konstantin Strukov, does not plan to sell his shares as part of the offer.

The collection of applications for the SPO will last from June 20 through June 24, but may be completed earlier at the company's discretion.