To view the PDF file, sign up for a MySharenet subscription.

Petra Mining Limited - Disposal and Further Cautionary

Release Date: 02/09/2002 17:17
Code(s): PET
Wrap Text

Petra Mining Limited - Disposal and Further Cautionary FURTHER ANNOUNCEMENT REGARDING THE DISPOSAL BY PETMIN OF ITS GOLD MINING ASSETS AND FURTHER CAUTIONARY 1. FULFILMENT OF FURTHER CONDITIONS PRECEDENT Further to the announcement dated 15 July 2002 which detailed the transaction in terms of which Petmin will dispose of the total issued share capital of, and all loan accounts against Petmin`s subsidiary Petrex (Proprietary) Limited, and the subsequent announcement dated 26 August 2002 regarding the rescheduling of certain important dates in respect of the transaction, Riverbank Corporate Finance Limited is authorised to announce that: * The Purchaser has now provided Petmin with the required formal notice confirming the satisfactory completion of the due diligence investigation; and * The Purchaser has now provided Petmin with the required commitment letter from its bankers in respect of a portion of the purchase consideration; and * The approval of the SRP has been obtained 2. CIRCULAR TO SHAREHOLDERS AND SALIENT DATES In view of the abovementioned conditions precedent having been fulfilled by the due date, the circular to shareholders containing full details of the disposal and convening a general meeting of shareholders to vote on the transaction will be posted on or about 9 September 2002, and will contain the salient dates set out in the announcement dated 26 August 2002 as expected. 6. REMAINING CONDITIONS PRECEDENT The transaction now remains subject only to the following conditions precedent: * The remaining regulatory approvals, including the approvals of the JSE, South African Reserve Bank and the TSX Venture Exchange in Toronto, to be obtained by 30 September 2002; * The issue of a new water pumping license by the Department of Water Affairs and Forestry in respect of Grootvlei No 3 Shaft by 30 September 2002; * Approval by the shareholders of Petmin in general meeting to be obtained by 30 September 2002. 4. EXPECTED CLOSING DATE AND FURTHER CAUTIONARY The expected closing date in respect of the transaction remains 30 September 2002. Shareholders are accordingly advised to continue to exercise caution in dealing in their Petmin securities until a further announcement is made. Pretoria 2 September 2002 Date: 02/09/2002 05:15:00 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

Share This Story