Horvik Limited entered into a Share Purchase Agreement to acquire 51.2% stake in Trans-Siberian Gold plc from UFG Special Situations Fund LP, UFG Equity Opportunities Limited, UFG Russia Select Master Ltd, Charles Ryan, Florian Fenner and Petrovka GmbH("selling shareholders") for £52.6 million on March 18, 2021. Under the terms of the consideration, the transaction will be settled for cash payment of £1.18 per TSG Share. The Acquisition will take place in two stages. Firstly, Horvik will acquire 21.4 million shares representing 24.7%. of the issued share capital of TSG on pro rata from each of the Selling Shareholders. The acquisition of the remaining 23.1 million will be undertaken at a later stage. If, through acceptances of the Offer, Horvik acquires interests which, together with TSG Shares it acquires pursuant to the SPA, amount to at least 75% . of the share capital of TSG, Horvik will seek to cancel the admission of the TSG Shares to trading on AIM Horvik intends to finance the cash consideration payable to TSG Shareholders pursuant to the Offer using third party debt to be provided under a facilities agreement arranged by VTB Bank . The acquisition of the remaining 23.1 million shares is conditional only upon Horvik receiving clearance from the Russian Federal Antimonopoly Service and other customary closing conditions. The transaction has been unanimously approved by the independent directors of TSG. The transaction is expected to close in the third quarter of 2021. Henry Fitzgerald-O'Connor, Raj Khatri, James Asensio and Thomas Diehl of Canaccord Genuity Limited acted as financial adviser for TSG. Alex Metherell, Giles Coffey and Vadim Astapovich of VTB Capital plc acted as financial adviser for Horvik. Sebastian Rice of Akin Gump LLP acted as legal adviser for TSG. Dmitri Kovalenko of Skadden, Arps, Slate, Meagher & Flom (UK) LLP acted as legal adviser for Horvik. Horvik Limited completed the acquisition of 51.2% stake in Trans-Siberian Gold plc from UFG Special Situations Fund LP, UFG Equity Opportunities Limited, UFG Russia Select Master Ltd, Charles Ryan, Florian Fenner and Petrovka GmbH("selling shareholders") on May 26, 2021. Horvik Limited acquired 21.4 million Trans-Siberian Gold shares, representing approximately 24.7% of the issued share capital of Trans-Siberian Gold (excluding any shares held in treasury), pro rata from each of the selling shareholders, conditional only upon Horvik announcing the Offer. The acquisition of the initial 24.7% completed on 18 March 2021. The transaction was approved by the Russian Federal Antimonopoly Service on May 19, 2021.