OREANDA-NEWS. Druzhkovka Ore Mining published a press release Druzhkovka Ore Mining to Increase Charter Fund by over UAH 13m.

The press-release states:

The decision was made by enterprise owners at General Meeting of Shareholders. Addition emission is expected to increase the charter fund by UAH 13,343,814 (from UAH 1,482,646 to UAH 14,826,460) through issuing extra 2,426,148 shares of UAH 5.50 each. The procedure of new shares emission is to be over by the end of 2007.

The decision to enhance the charter fund of the mining company meets the strategy of SCM Group for development of clay mining business. In particular, the funds of the additional emission will be allocated to modernize facilities and ensure further growth of the enterprise in line with approved development program.

The shareholders also chose to change the Supervisory Board of the company. UMG (United Minerals Group) Limited (Cyprus) became the only member of the Supervisory Board, while all former representatives of shareholders quit.

The shareholders have also amended composition of the Audit Committee of the company. M.V. Mikhno was introduced into the Committee replacing one of its previous members.

The shareholders appointed Evgeniy V. Tsimarman CEO of the enterprise. He took the office on 16 October, 2007. Before, Mr Tsymarman worked as chief engineer at AOZT VESKO.

He will be responsible for taking part in creating the development strategy of Druzhkovka Ore Mining, implementing strategic plans after their approval, and managing operations of the company.