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RAVEN RUSSIA LIMITED

('Raven Russia' or the 'Company')

Issue of ordinary shares and preference shares

The Company announces that it has approved the issue and allotment of 57,613 new ordinary shares of GBP0.01 per share in the Company following an exercise of warrants. These shares will rank pari passu with all existing ordinary shares. Application has been made for admission of the new ordinary shares to trading on the Alternative Investment Market of the London Stock Exchange and dealings are expected to commence on 30 September 2009. 

In conformity with the FSA's Disclosure and Transparency Rules, following admission of the new ordinary shares, the Company's capital consists of 512,651,848 ordinary shares with voting rights. 

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FSA's Disclosure and Transparency Rules. 

The total number of warrants now in issue is 142,465,545.

The Company also announces that it has approved the issue and allotment of 122,987 new preference shares of GBP0.01 each in the Company following payment of the scrip preference share dividend. These new preference shares will rank pari passu with all existing preference shares. Application has been made for admission of the new preference shares to trading on the Alternative Investment Market of the London Stock Exchange and dealings are expected to commence on 30 September 2009. 

Following admission of the new preference shares, the total number of preference shares now in issue is 142,785,130. 

Enquiries

Raven Russia Limited	Tel: +44 (0)1481 71 2955
Anton Bilton / Glyn Hirsch
Bell Pottinger Corporate & Financial	Tel:  +44 (0)20 7861 3881
Charles Cook / Dan de Belder
Numis Securities Limited (NOMAD, Financial Adviser and Joint Broker to Raven Russia Limited)	Tel: +44 (0)20 7260 1000
Nick Westlake / Rupert Krefting

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