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WGR - Witwatersrand Consolidated Gold Resources Limited - Termination of
agreement to acquire, Jointly with Pan African Resources Plc, 100% of Evander
Gold Mines, and withdrawal of cautionary announcement
Witwatersrand Consolidated Gold Resources Limited
(Incorporated in the Republic of South Africa)
Registration Number 2002/031365/06
JSE Code: WGR
ISIN: ZAE000079703
TSX Code: WGR
CUSIP Number: S98297104
("Wits Gold")
TERMINATION OF AGREEMENT TO ACQUIRE, JOINTLY WITH PAN AFRICAN RESOURCES PLC,
100% OF EVANDER GOLD MINES, AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
1 INTRODUCTION
Wits Gold shareholders are referred to the announcement released on the
Securities Exchange News Service of the JSE on Monday, 30 January 2012, wherein
it was announced that Wits Gold together with Pan African Resources plc, had
entered into a Sale of Shares and Claims Agreement (the "Acquisition Agreement")
with Harmony Gold Mining Company Limited ("Harmony"), to acquire 100% of
Harmony`s interest in Evander Gold Mines Limited ("Evander"), for a total
consideration of ZAR1.7 billion (approximately C$208 million), hereinafter the
"Transaction".
The implementation of the Transaction was subject to the fulfilment of certain
conditions precedent by 31 May 2012. As a result of the Consortium having
indicated to Harmony that they expected that certain of the conditions
precedents may not be met, the Acquisition Agreement, and all suspensive
conditions between the parties, have been terminated by mutual agreement between
the parties. All other agreements entered into to give effect to the Acquisition
Agreement have similarly been terminated, and no party shall have any rights or
claims or any other form of recourse against any of the other parties (directly
or indirectly) relating to the Transaction, the Acquisition Agreement, and the
other agreements .
Consequently, Wits Gold shareholders are referred to the cautionary
announcements released by Wits Gold on SENS on Wednesday, 28 December 2011,
Wednesday, 16 November 2011, Monday, 30 January 2012, Monday, 12 March 2012 and
Monday, 30 April 2012, respectively, and are advised that as the Acquisition
Agreement has been terminated, caution is no longer required to be exercised by
shareholders when dealing in their securities.
Johannesburg
30 May 2012
JSE Sponsor to Wits Gold Limited
PricewaterhouseCoopers Corporate Finance (Pty) Limited
For further information contact:
Philip Kotze
CEO: Wits Gold
+27 11 832 1749
Hethen Hira
Executive, Investor Relations: Wits Gold
+27 11 832 1749
Transaction adviser and JSE Transaction Sponsor
Macquarie First South Capital (Pty) Limited
South African legal counsel
Dewey &LeBoeuf (Pty)Limited
Canadian legal counsel
Stikeman Elliott
Investor Relations
Russell and Associates
Date: 30/05/2012 17:47:02 Supplied by www.sharenet.co.za
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