PGL - Pallinghurst - Finalisation Announcement Regarding The Capital Raising Of

PGL - Pallinghurst - Finalisation Announcement Regarding The Capital Raising Of 
    R800 Million By Way Of A Renounceable Rights Offer To All Shareholders      
PALLINGHURST RESOURCES LIMITED                                                  
(Previously Pallinghurst Resources (Guernsey) Limited)                          
(Incorporated in Guernsey)                                                      
(Registration number 47656)                                                     
Share code on the BSX: PALLRES        ISIN: GG00B27Y8Z93                        
Share code on the JSE: PGL                                                      
("Pallinghurst" or "the Company")                                               
FINALISATION ANNOUNCEMENT REGARDING THE CAPITAL RAISING OF R800 MILLION BY WAY  
OF A RENOUNCEABLE RIGHTS OFFER TO ALL SHAREHOLDERS                              
1.   Introduction                                                               
    Pallinghurst shareholders are referred to the Company`s announcement        
    released on the Securities Exchange News Service on Tuesday, 11 August 2009 
    ("Declaration Data Announcement"), regarding the proposed capital raising   
of R800 million by way of a renounceable rights offer ("Rights Offer") and  
    are advised that the conditions precedent as set out in the Declaration     
    Data Announcement have now been fulfilled. As a result, the Rights Offer is 
    now unconditional and will be implemented in accordance with the timetable  
set out in Declaration Data Announcement.                                   
2.   Circular                                                                   
    A circular setting out the detailed terms of the Rights Offer will be       
    posted on Monday, 7 September 2009 to shareholders recorded as such in the  
Company`s share register on Friday, 4 September 2009.                       
21 August 2009                                                                  
Guernsey                                                                        
Investment bank           JSE Sponsor           Investment manager              


Legal advisors in South   Legal advisors in     Reporting accountants           
Africa                    Guernsey                                              
                                                                                
Date: 21/08/2009 15:25:01 Supplied by www.sharenet.co.za                     
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