UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | SEC 1473 (7-02) | ||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. |
1. Title of Derivative Security (Instr. 4) |
2. Date Exercisable and Expiration Date (Month/Day/Year) |
3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) |
4. Conversion or Exercise Price of Derivative Security | 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5) |
6. Nature of Indirect Beneficial Ownership (Instr. 5) |
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Date Exercisable | Expiration Date | Title | Amount or Number of Shares |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Tajibayev Nurlan 170 TCHAIKOVSKY STREET 4TH FLOOR ALMATY, 1P 050000 |
 X |  |  |  |
/s/ Nurlan Tajibayev | 04/17/2008 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 5(b)(v). |
** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) | See Remarks |
 Remarks: Mr. Tajibayev became a member of the board of directors of the Issuer on October 20, 2006. (1) On October 20, 2006, the board of directors of the Issuer awarded a restricted stock grant in the amount of 191,715 to  Mr. Tajibayev.  This award vests over three years and is contingent on his performance as a Vice President of the Issuer.  The  first quarter of the award (47,929 shares) vested on October 20, 2007.  An additional 47,929 shares will vest on October 20,  2008 provided the Issuer has commenced construction of a nickel and cobalt ore processing by that date.  The final 95,857  shares will vest on October 20, 2009 provided the Issuer has commenced commercial operations by that date.  Mr. Tajibayev  has the right to vote, receive dividends and enjoys all other rights of ownership over the entire 191,715 shares included in  the restricted stock grant.  He does not, however, have the right to dispose of, encumber or otherwise directly or  indirectly profit or share in any profit derived from a transaction in the 143,786 shares that have not yet vested, nor will  he have the right to do so until he has satisfied the applicable vesting requirements associated with those shares.  The  balance of the restricted stock award will only vest to Mr. Tajibayev if he is employed with the Issuer on the applicable  vesting date.  Any unvested shares at the time his employment with the Issuer ceases, for any reason, shall be forfeited  back to the Issuer. |