PAN AFRICAN RESOURCES PLC - Dealings in securities by a director

Dealings in securities by a director

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985 with
registered number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
(“Pan African” or the “Company”)

DEALINGS IN SECURITIES BY A DIRECTOR

The Company was notified on 12 March 2015 of the following dealing in respect of the
Company’s ordinary shares of 1 pence each (“Shares”):

Name of director:                                  KC Spencer
Company of which he is a director:                 Pan African Resources Plc
Nature of transaction:                             Exercise of options granted in 2008 in terms of
                                                   the Company’s Share Option Plan
Class of securities:                               Shares
Date of transaction:                               12 March 2015
Number of securities:                              1,500,000
Price per security:                                ZAR0.83 (“Strike Price”)
Value of transaction:                              ZAR1,245,000
On-market or off-market:                           Off-market
Nature of interest:                                Indirect beneficial
Clearance given in terms of Paragraph 3.66:        Yes


Further to this exercise of options by Mr Spencer, the Company has issued 1,500,000 Shares
at the Strike Price for a total consideration of ZAR1,245,000 to Mr Spencer’s family trust –
Strode Trust.

Following this issue of Shares, the total issued share capital of the Company comprises
1,831,494,763 Shares with no Shares held in treasury. Accordingly, the figure of
1,831,494,763 Shares 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 FCA’s Disclosure and Transparency Rules.

Mr Spencer’s total indirect beneficial interest in Pan African after the exercise of options is
3,000,000 Shares, representing 0.16% of the issued share capital of the Company.

Application will be made to the AIM market of the London Stock Exchange (“AIM”) and to the
exchange operated by JSE Limited (“JSE”) for 1,500,000 Shares to be admitted to trading on
AIM and for listing on the JSE, with admission to trading and listing on both markets expected
to occur on 19 March 2015.


 Cobus Loots                                         Deon Louw
 Pan African Resources PLC                           Pan African Resources PLC
 Chief Executive Officer                             Financial Director
 Office: + 27 (0)11 243 2900                         Office: + 27 (0)11 243 2900

 Phil Dexter                                         Peter Stewart
 St James's Corporate Services Limited               Canaccord Genuity Limited
 Company Secretary                                   Nominated Adviser
 Office: + 44 (0)207 796 8644                        Office: +44 (0)207 523 8000
 
 Sholto Simpson                                      Matthew Armitt / Ross Allister
 One Capital                                         Peel Hunt LLP
 JSE Sponsor                                         Joint Broker
 Office: + 27 (0)11 550 5009                         Office: +44 (0)020 7418 8900

 Julian Gwillim                                      Daniel Thöle
 Aprio Strategic Communications                      Bell Pottinger PR
 Public & Investor Relations SA                      Public & Investor Relations UK
 Office: +27 (0)11 880 0037                          Office: + 44 (0)203 772 2500


For  further   information  on    Pan   African,   please    visit   the      website   at
www.panafricanresources.com

13 March 2015
Sponsor: One Capital

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