ORI Oriel Res.

    RNS Number : 8139V
  Oriel Resources PLC
  03 June 2008
   



    AIM: ORI
    TSX: ORL
    PRESS RELEASE
    3 June, 2008

    Oriel Resources Plc ("Oriel" or the "Company")

    Cancellation of Certain Warrants
    _________________________________________________________________________ _____________

    Further to the announcement by Mechel OAO ("Mechel") on 17 April 2008, that all conditions of its recommended cash offer for the entire
issued and to be issued ordinary share capital of Oriel Resources plc (AIM:ORI, TSX:ORL) had been satisfied, the Company announces that on 2
May 2008 Mechel and Oriel distributed a letter to the registered holders of warrants over ordinary shares of 1p each in the share capital of
the Company (AIM:ORIW) ("the Warrants") offering the Warrant holders the alternative of a cash payment in consideration of the cancellation
of the Warrants ("the Cash Cancellation Proposal"). The Cash Cancellation Proposal was open for acceptance until 21 May 2008.

    The Company further announces that Warrant holders holding a total of 8,239,144 Warrants validly accepted the Cash Cancellation
Proposal. Following the cancellation of these Warrants, 1,144,797 Warrants remain in issue and listed on the AIM market of the London Stock
Exchange and can be exercised in accordance with the standard procedure. 

    The Company intends to exercise its right under the deed poll dated 7 February 2005, pursuant to which the Warrants were issued, to
appoint a trustee who shall have the power to sell the remaining Warrants or exercise the remaining Warrants and sell the resulting shares.

    ENDS
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    For further information please contact:

    Tania Tchedaeva, Assistant Company Secretary, Oriel Resources Plc
    Tel: +44 (0) 20 7514 0590

    Gavin Dallas, Marketing and PR, Oriel Resources Plc
    Tel: +44 (0) 20 7514 0590

    Michael Padley / Michael Spriggs, Bankside Consultants
    Tel: +44 (0) 20 7367 8888

    Ryan Gaffney, Canaccord Adams Limited
    Tel: +44 (0) 20 7050 6500

    Keith Schaefer, Vanguard Shareholder Solutions
    Tel: + 1 604 608 0824
    www.orielresources.com

This information is provided by RNS
The company news service from the London Stock Exchange
 
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