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BMB Munai, Inc. Places US$60 Million in Convertible Bonds

ALMATY. July 17. KAZINFORM -- BMB Munai, Inc. today announced that it has successfully completed the private placement of US$60 million in principal amount of five year convertible bonds ("Bonds") to non-U.S. persons outside of the United States in accordance with Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act") and in compliance with the laws and regulations applicable in each country where the placement took place. The Bonds carry a 5% coupon and have a yield to maturity of 6.25%. The Bonds will also be convertible into BMB Munai common (ordinary) shares. The initial conversion price was set at US$ 7.2094 per share, subject to adjustment in certain circumstances, including but not limited to, changes of control and certain future equity financings. The Bonds are callable after three years at a price equal to 104% of the principal amount thereof plus any accrued and unpaid interest to the date fixed for redemption, subject to the share price trading at least 30% above the conversion price. Holders of the Bonds will have the right to require BMB Munai to redeem all or a portion of their Bonds on July 13, 2010 at a price equal to 104% of the principal amount thereof plus any accrued and unpaid interest to the date fixed for redemption. Unless previously redeemed, converted or purchased and cancelled, the Bonds will be redeemed by BMB Munai at a price equal to 107.2% of the principal amount thereof on July 13, 2012. The Bonds constitute direct, unsubordinated and unsecured, interest bearing obligations of BMB Munai, Kazinform quotes PRNewswire-FirstCall. The net proceeds from the issue will be used for further exploration and development of BMB Munai's oil and gas drilling and production activities in western Kazakhstan. The Bonds and the common (ordinary) shares issuable upon conversion of the Bonds have not been registered under the Securities Act or the securities laws of any other jurisdiction. Unless they are registered, the securities may be offered and sold only in transactions that are exempt from registration under the Securities Act and the applicable securities laws of other jurisdictions. This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities of BMB Munai and there shall not be any sale of any securities of BMB Munai in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction or an exemption therefrom. AMEX has neither approved nor disapproved of the contents of this press release. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created therein. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including but not limited to those discussed in BMB Munai's Annual Report on Form 10-K for the year ended March 31, 2007 and other filings with the Securities and Exchange Commission. Although BMB Munai believes the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion herein should not be regarded as a representation by BMB Munai or any other person that the objectives and plans of BMB Munai will be achieved.


Resourse: KAZINFORM







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