MOSCOW, March 31 /CNW/ - Maxim Finskiy (the "Subscriber") announces that
on March 31, 2009, the Subscriber, indirectly acquired beneficial ownership
and control of 11,698,840 common shares of Etruscan Resources Inc.
("Etruscan"), representing 7.4% of the issued and outstanding shares of
Etruscan, and 6,890,741 share purchase warrants, representing, if exercised,
4.2% of the issued and outstanding common shares of Etruscan. The securities
were acquired pursuant to the second tranche of a non-brokered private
placement transaction previously announced by Etruscan on February 19, 2009.
As a result of the acquisition, the Subscriber indirectly owns or
controls an aggregate of 26,315,789 common shares of Etruscan and 6,890,741
share purchase warrants, representing approximately 16.54% of the issued and
outstanding common shares of Etruscan, or 19.9% assuming full exercise of the
share purchase warrants.
The common shares were issued by Etruscan at a purchase price of $0.40
per common share and the warrants were issued for an aggregate price of $1.00
for aggregate gross proceeds to Etruscan of approximately $10.5 million in the
first and second tranches of the private placement transaction.
The Subscriber indirectly owns all of the outstanding shares of 2190776
Ontario Inc. ("Ontarioco"), an Ontario corporation; Ontarioco directly
acquired the common shares and warrants of Etruscan.
The common shares and warrants were acquired in the ordinary course of
business for investment purposes. The Subscriber has not made any
determination with respect to future ownership of, or control over, any
additional securities of Etruscan. The Subscriber or Ontarioco may in the
future acquire additional common shares or other securities of Etruscan in the
market or through private or other transactions, sell all or some portion of
the shares of Etruscan they control or own, or enter into derivative or other
transactions with respect to such shares, subject to the terms of the
agreement under which the private placement transaction was completed.
About Maxim Finskiy
Mr. Finskiy is Chief Executive Officer of LLC Intergeo Managing Company,
the mining and exploration arm of the private Russian conglomerate Onexim
Group. Mr. Finskiy has considerable experience in planning and management of
geological exploration works, guiding investment projects and banking. From
2001 to 2008 he was Deputy General Director and Deputy Chairman of the
Management Board of MMC Norilsk Nickel. Prior to joining Norilsk Nickel Mr.
Finskiy held a number of senior management positions including First Deputy
Chairman of the Management Board of the commercial bank "International Company
for Finance & Investments" (ICFI) in 1998 - 2001, President of the commercial
bank "Regional Alliance Bank" in 1995 - 1998 and Chairman of the Board of the
commercial bank "Moscow Bank for Reconstruction & Development" in 1993 - 1995.
Mr. Finskiy holds a Ph.D. in Law from St.-Petersburg University of the
Ministry of Internal Affairs of the Russian Federation.
