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Market Update And Renewal Of Cautionary Announcement
Atlatsa Resources Corporation
(previously Anooraq Resources Corporation)
(Incorporated in British Columbia, Canada)
(Registration number 10022-2033)
TSXV/JSE share code: ATL
NYSE AMEX share code: ATL
ISIN: CA0494771029
(”Atlatsa” or the “Company”)
MARKET UPDATE AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders of Atlatsa are referred to the announcements released on the
Securities Exchange News Service on 2 February 2012, 3 May 2012, 14 June
2012, 27 July 2012,7 September 2012 and 22 October 2012 respectively,
relating to the agreement of key terms in respect of a transaction to
restructure, recapitalize and refinance Atlatsa and the Bokoni group of
companies (“Bokoni group”) (the “Restructure Plan”), as well as the media
releases on 27 September 2012 and 2 October 2012 relating to the
conclusion of the interim implementation agreement relating to the
consolidation of the Bokoni group debt and consequent reduction in its
cost of borrowing (“the phase one agreement”).
On 1 October, 2012 an unprotected strike commenced at Bokoni Platinum
Mines (“Bokoni Mine”) as a consequence of the strike contagion within the
PGM sector in South Africa. As a result of the strike, approximately 2,500
employees at Bokoni Mine were dismissed and management is in the process
of re-hiring with a view to re-commencing operations as soon as possible.
No operations, other than essential services, have taken place at Bokoni
Mine since commencement of the strike.
The Bokoni Mine’s future operational plan and financing strategy is
currently under review, having regard to the negative impact of the
current strike action. The results of this review and its impact will be
taken into consideration pursuant to the Company and Anglo American
Platinum Ltd completing phase two of the Restructure Plan, anticipated to
be finalized during the first quarter of 2013.
Once the negotiations and definitive agreements relating to phase two of
the Restructure Plan have been completed, the Company will publish the
financial effects of the Restructure Plan and post its circular to
shareholders seeking necessary approvals for its implementation.
A further detailed announcement will be released on the Securities
Exchange News Service, filed on SEDAR and EDGAR, and published in the
South African press, as soon as the financial effects have been finalized,
and the definitive transaction agreements have been executed.
Shareholders are advised to continue exercising caution when dealing in
the Company’s securities until a full announcement is made.
Johannesburg
3 December 2012
JSE Sponsor
Macquarie First South Capital (Pty) Limited
Issued on behalf of Atlatsa Resources Corporation
On behalf of Atlatsa
Joel Kesler
Executive: Corporate Development
Office: +27 11 779 6800
Mobile: +27 82 454 5556
Russell and Associates
Charmane Russell
Office: +27 11 880 3924
Mobile: +27 82 372 5816
Macquarie First South Capital
Annerie Britz/ Yvette Labuschagne
Office: +27 11 583 2000
Date: 03/12/2012 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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