TORONTO, Oct. 1 /CNW/ -- Solway Finance LTD ("Solway"), a subsidiary of Solway Investment Fund Limited, announced today that it has entered into a subscription agreement with Chariot Resources Limited ("Chariot") pursuant to which Solway has agreed to acquire 35.7 million common shares of Chariot at a price of C$0.30 per share. The aggregate purchase price will be approximately C$10.7 million in cash.

The closing of the transaction is expected to occur later this month and is subject to the approval of the TSX and other customary closing conditions. Following completion of the transaction, Solway will own 68.6 million Chariot common shares representing approximately 18.8% of the issued and outstanding Chariot common shares. Solway is acquiring the shares for investment purposes.

Under the terms of the agreement, Solway will have the right to participate in future equity offerings to maintain its ownership percentage after closing and will have an option to appoint a nominee to the board of directors of Chariot or Marcobre S.A.C.

About Solway

Solway Investment Fund Limited is a diversified group of companies with core activities in mining, non-ferrous metals, chemicals, cement industries and real estate.

Solway Investment Fund was founded in 2002 by a group of international investors and is conducting its business in Russia, the CIS countries, Central and Eastern Europe and Latin America.