KEH - Keaton Energy Holdings Limited - Keaton Energy closes LME transaction Release Date: 06/01/2012 09:52:01 Code(s): KEH
KEH - Keaton Energy Holdings Limited - Keaton Energy closes LME transaction
KEATON ENERGY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/011090/06)
JSE share code: KEH ISIN: ZAE000117420
("Keaton Energy" or "the company")
Keaton Energy closes LME transaction
Shareholders are referred to the announcements released on SENS on 14 February
2011 and 14 December 2011, regarding the acquisition by Keaton Energy of a 74%
interest in Leeuw Mining and Exploration (Pty) Limited (LME; "the transaction").
Shareholders are advised that the transaction has now become unconditional and
has accordingly been implemented.
16 622 222 shares have been issued by Keaton Energy at R4.50 per share.
Ultimately, this has increased Keaton Energy shares in issue from 171 547 644 to
188 169 866, with Plusbay Limited, an affiliate of Gunvor Group Limited, now
holding 45 838 866 (24.4%).
JPI Leeuw and Associates (Pty) Ltd has paid Keaton Energy R10 million in cash
pursuant to certain warranty claims.
LME owns and operates the Vaalkrantz Anthracite Colliery near Vryheid in South
Africa`s KwaZulu-Natal province. Vaalkrantz has been in production since 2003.
In addition, LME has:
* a renewed 200 000tpa participation in Richards Bay Coal Terminal`s Quattro
export programme and a dedicated railway siding facility near Vaalkrantz;
* a number of new order mining rights and mining right applications over
other KwaZulu-Natal properties, including;
* the Koudelager anthracite project, which will provide future run-of-
mine anthracite production to the Vaalkrantz plant;
* the Braakfontein thermal coal project near Newcastle;
* the Balgray anthracite project near Utrecht; and
* the Mpati anthracite project near Dundee, which LME has agreed to sell
to Slater Coal, subject to the receipt and cession of a mining right.
Keaton Energy has also strengthened its operational management team by
appointing Mr Hilton Papenfus (52) as General Manager: Operations, responsible
for both the Vanggatfontein and Vaalkrantz mines. Mr Papenfus is an experienced
mining engineer with more than 30 years` experience in both major and junior
coal mining companies.
06 January 2012
Investment bank and sponsor
Date: 06/01/2012 09:52:01 Supplied by www.sharenet.co.za
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