OREANDA-NEWS. September 22, 2009. JSC “Polymetal” (LSE, MICEX, RTS: PMTL) (“Polymetal” or the “Company”) announced the results of the Extraordinary General Meeting of Shareholders of the Company (“EGM”) that was held yesterday in the form of absentee voting, reported the press-centre of Polymetal.

Agenda of the EGM was as follows:

To approve the amended Сharter of the Company.

To approve the Management Board Regulations of the Company.

To approve interrelated interested party transactions – surety agreements between Polymetal acting as a Guarantor and Open Joint Stock Company NOMOS-BANK acting as a Creditor by virtue of which the Guarantor undertakes to the Creditor to secure obligations of Polymetal Trading Ltd. under the ECA-covered loan agreements described in the Company’s press-release dated July 9, 2009.

Comment: Polymetal Trading Ltd. is the Company’s wholly-owned subsidiary.

To approve a group of interrelated transactions, namely Corporate Guarantee, Equitable Share Mortgage, Loan Agreement, Deed of Assignment, and Amendment and Restatement Agreement between JSC Varvarinskoye (Republic of Kazakhstan) as a borrower and bank syndicate as a creditor, by virtue of which the Company undertakes to the creditor subject to restructuring of current debt and hedging obligations of JSC Varvarinskoye to secure obligations of JSC Varvarinskoye and to provide a purpose loan to JSC Varvarinskoye in order to allow JSC Varvarinskoye to meet its working capital requirements. Transactions indicated in this paragraph shall be considered as interested party transactions after the proposed acquisition by the Company of the 100% interest in Three K Exploration and Mining Ltd. (British Virgin Islands) which owns (directly and indirectly) 100% of the shares in JSC Varvarinskoye.

Comment: Company’s press-release dated June 15, 2009, contains detailed description of the transaction on indirect acquisition of the shares in JSC Varvarinskoye and relevant asset description. 

EGM approved all the items of the agenda.