CenGeo Holdings Ltd entered into an agreement to acquire Zoltav Resources Inc. from ARA Capital, Mark Nicholas Tompkins, Symon Drake-Brockman, David Francis, Dmitry Kamyshev, Alexander Sokolov and other shareholders in a reverse merger transaction.

CenGeo Holdings Ltd entered into an agreement to acquire Zoltav Resources Inc. (AIM:ZOL) from ARA Capital, Mark Nicholas Tompkins, Symon Drake-Brockman, David Francis, Dmitry Kamyshev, Alexander Sokolov and other shareholders in a reverse merger transaction on March 20, 2013. Under the terms of the agreement, Zoltav Resources will acquire all the share capital and shareholder loans of CenGeo Holdings by issuing approximately 473.16 million shares. The sellers include, David Francis, Director and Symon Drake-Brockman, Executive Chairman of Zoltav Resources Inc. In a related deal, Zoltav Resources signed an agreement signed with ARA Capital with right to call $20 million of working capital to help fund work programme on the Koltogor Licence by way of a subscription for new Zoltav shares conditional upon completion of the acquisition of CenGeo.

The transaction is subject to approval by the shareholders of Zoltav Resources at the extraordinary general meeting (EGM) of the shareholders. Undertaking from ARA Capital has been received to vote in favor of the acquisition at the EGM. The transaction will mark transition of Zoltav Resources from an investing company into an operational E&P company.

Patrick d'Ancona and Ben Simons of M:Communications acted public relations advisors and Pascal Keane, Toby Gibbs and Jerry Keen Shore Capital Group Limited acted as nominated financial advisors and brokers for Zoltav Resources. Squire Sanders & Dempsey LLP acted as a legal advisor to the shareholders of Cengeo Holdings Ltd.