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

TRANS HEX GROUP LIMITED - Updated details relating to the acquisition of Namaqualand Mines and further Cautionary Announcement

Release Date: 11/03/2013 13:00
Code(s): TSX     PDF:  
Wrap Text
Updated details relating to the acquisition of Namaqualand Mines and further Cautionary Announcement

Trans Hex Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1963/007579/06)
Share code: TSX
ISIN: ZAE000018552
("Trans Hex" or the "Company")


UPDATED DETAILS RELATING TO THE ACQUISITION OF NAMAQUALAND MINES
AND FURTHER CAUTIONARY ANNOUNCEMENT

Introduction

Shareholders are referred to prior announcements, the last of which was released on
SENS on 8 March 2013, wherein Trans Hex announced the signature and subsequent
amendment of an agreement with De Beers Consolidated Mines Limited (“DBCM”) in
terms of which, and subject to certain conditions precedent, its 50% held joint-
venture company, Emerald Panther Investments 78 (Proprietary) Limited (“EPI”), will
acquire assets and liabilities relating to Namaqualand Mines, a division of DBCM
(“the Proposed Transaction”).

Approval of transfer of prospecting and mining rights

Trans Hex is pleased to report that the Department of Mineral Resources (“DMR”)
has now formally approved the transfer of the applicable prospecting and mining
rights in respect of Namaqualand Mines from DBCM to EPI.

All necessary statutory and regulatory approvals required for entering into and
implementing the Proposed Transaction have therefore now been obtained.

Conditions precedent

The Proposed Transaction remains conditional upon the fulfilment of the following
conditions precedent:

   -   the parties reaching agreement with the DMR in relation to the DMR`s
       interest in Namaqualand Mines; and
   -   approval of the Proposed Transaction by Trans Hex shareholders in terms of
       the JSE Limited Listings Requirements.

The Proposed Transaction will be implemented ten business days after the fulfilment
or, where appropriate, waiver of all of the conditions precedent, which is expected
to be within 3 to 6 months of this announcement.
Further Cautionary

Certain aspects of the Proposed Transaction, as well as the pro forma financial
effects, have not yet been finalised. As a result, shareholders are advised to continue
to exercise caution when dealing in the company’s securities until a full
announcement is released.

For and on behalf of the board
Cape Town
11 March 2013

Transaction Advisor
QuestCo (Pty) Limited

Attorneys
Bowman Gilfillan Inc.

JSE Sponsor
Sasfin Capital
A division of Sasfin Bank Limited

Date: 11/03/2013 01:00:00 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.

Share This Story