CDS announced on 21 December 2006 that Calim Private Equity LLC of Aspen Colorado, USA ("Calim"), had failed to deliver funds that it had committed to subscribe in the Placing. Calim subscribed for a total of 42 million Units with a value of £525,000, payable monthly in five tranches from September 2006.
CDS is pleased to have recovered some of these funds and is currently seeking to replace the balance of £275,000 originally subscribed by Calim.
CDS is a UK company which, through its Paraguayan subsidiary, CDS Energy S.A., has a 100% working interest in three large blocks with substantial oil and gas exploration potential in the prospective eastward extension into northwest Paraguay of the productive Bolivian Chaco Basin.
Application will be made for 20,000,000 ordinary shares of 1p each in the Company to be admitted to trading on the AIM Market ("Admission"). The new shares will rank pari passu with existing ordinary shares in the Company and is expected that Admission and trading in the shares will commence on 26 Feburary 2007. The warrants will not be listed. Following Admission, there will be 382,030,262 Ordinary shares of 1p each in the Company in issue.
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