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PET - Petmin Limited - Petmin advisory

Release Date: 11/08/2011 08:00
Code(s): PET
Wrap Text

PET - Petmin Limited - Petmin advisory PETMIN LIMITED Incorporated in the Republic of South Africa Registration Number 1972/001062/06 Share Code JSE: PET & ISIN: ZAE000076014 Share Code AIM: PTMN ("Petmin" or "the Company") PETMIN ADVISORY On 16 May 2011 Petmin Limited (JSE:PET; AIM:PTMN) announced that it had successfully entered into a transaction with Red Crescent Resources Limited (RCR) to subscribe for shares in RCR and to subsequently invest directly in RCR`s Sivas Copper Project in central Turkey. RCR is a mineral exploration and development company focused on base metals development in Turkey and listed on the Toronto Stock Exchange in Canada (TSX: RCB). In confirmation of the 16 May announcement the Petmin board would like to make our shareholders aware that RCR published the following announcement on 11 August 2011. RED CRESCENT SIGNS DEFINITIVE AGREEMENT WITH PETMIN LIMITED TO ADVANCE DEVELOPMENT OF SIVAS COPPER PROJECT - RCR fulfills all Conditions Precedent of the initial MOU with Petmin - - Petmin farm-in arrangement triggered - Toronto, Ontario - August 8th, 2011 - Red Crescent Resources Limited (TSX: RCB), a mineral exploration and development company focused on base metals in Turkey, today announced that pursuant to its completion and fulfillment of all the conditions precedent in the initial MOU, it has signed a definitive agreement (DA) with Petmin Limited, a South African multi-commodity mining company, following the receipt of regulatory approvals and successful completion of due diligence activities. The investment agreement is designed to accelerate the development of Red Crescent`s Sivas Copper Project. Under the terms of the investment agreement, which were first disclosed on May 16th, 2011, Petmin would make an equity investment in Red Crescent totaling CDN$4.64 million. Petmin subscribed for and was issued 3,170,000 common shares on May 24th, 2011 as part of the Initial Subscription. The balance will now follow by August 14th, 2011 under a separate Subscription Agreement signed in conjunction with the DA. Upon completion Petmin will have received approximately 9.3 million shares, each at a price of CDN$0.50, for a 10.1% ownership interest in Red Crescent Resources Limited. Petmin will also invest up to a maximum of CDN$17 million in four conditional tranches over a period of 3.5 years, to earn up to a 37.5% interest in the Red Crescent controlled joint venture, RCR Quantum AS, which is responsible for the management and development of the Sivas Copper Project. The terms of the "farm-in" arrangement are unchanged and as previously released on May 24th, 2011. Alan Clegg, a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical information contained in this release. Forward-looking statements The statements made in this press release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company`s expectations and projections. About Red Crescent Resources Red Crescent Resources (TSX: RCB) is a Turkey-based junior mining company targeting historically inaccessible areas where no modern application of exploration techniques or technology has been applied, with high potential for discovery of significant base metal deposits. For more information, please visit: www.redcrescentresources.com For additional information, please contact: TMX Equicom Joe Racanelli 416 815 0700 ext 243 jracanelli@equicomgroup.com Alan Clegg Red Crescent Resources Tel: +90 530 662 8964 Tel: +27 82 469 8378 Fax: +90 312 448 2926 aclegg@rcrholding.com.tr Bradley Doig Petmin +27 11 706 1644 +27 82 459 7818 bradley@petmin.co.za Jonathon Rees Proof Communication Ltd +27 76 185 1827 Jonathon@proofcommunication.com Nominated Adviser and Broker (AIM) Numis Securities Limited +44 207 260 1000 John Harrison Sponsor and Corporate Advisor (JSE) River Group Andrew Lianos +27 834 408 365 Johannesburg 11 August 2011 Date: 11/08/2011 08:00:33 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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