PAN AFRICAN RESOURCES PLC - Announcement re the completion of the acquisition of Evander Gold Mines Ltd from Harmony Gold Mining Company Ltd

Announcement re the completion of the acquisition of Evander Gold Mines Ltd from Harmony Gold Mining Company Ltd

Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985
with registered number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
(“Pan African” or “ the Company”)


ANNOUNCEMENT REGARDING THE COMPLETION OF THE ACQUISITION OF EVANDER GOLD
MINES LIMITED (“EVANDER”) FROM HARMONY GOLD MINING COMPANY LIMITED
(“TRANSACTION”)


Pan African shareholders are referred to the announcement published by the Company on
15 February 2013 wherein they were advised that the Transaction had become unconditional.


Pan African is pleased to further advise its shareholders that, as envisaged in the announcement of
15 February 2013, the Company assumed effective control over Evander on 28 February 2013 and
has settled the Transaction purchase consideration (“Purchase Consideration”) in full.


Payment of the Purchase Consideration was funded through a combination of cash resources held by
Pan African and Evander (including the proceeds received through Pan African’s R703 million rights
offer) (“Cash Resources”) and bank funding in the form of a R600 million revolving credit facility
(“RCF”). Pan African utilised R350 million from the RCF for purposes of funding a portion of the
Purchase Consideration, with the remaining portion being funded from Cash Resources.


Following payment of the Purchase Consideration, R250 million of the RCF remains unutilised and
the   Pan     African   group   had   operational cash       resources       available of   R157.4 million   as
at 13 March 2013.


14 March 2013


Lead Corporate Adviser, Transaction Sponsor and JSE Sponsor to Pan African
One Capital


Joint Corporate Adviser and Independent Transaction Sponsor to Pan African
Nedbank Capital


Legal Counsel to Pan African
Werksmans Inc.
PAN AFRICAN ENQUIRIES

South Africa                                                            UK

Pan African Resources                                                   Canaccord Genuity Limited – Nomad and Joint Broker

Mr Cobus Loots                                                          Andrew Chubb / Peter Stewart / Sebastian Jones / Joe
Non-executive director and Joint Interim Chief Executive Officer        Weaving
+27 (0) 11 305 8900                                                     +44 (0) 20 7523 8350

Mr Ron Holding
Chief Operating Officer and Joint Interim Chief Executive Officer
+27 (0) 11 243 2900

One Capital                                                             finnCap Limited – Joint Broker

Sholto Simpson / Megan Young                                            Elizabeth Johnson / Joanna Weaving
+27 (0) 11 550 5000                                                     +44 (0) 20 7220 0500

Vestor Investor Relations                                               St James’s Corporate Services Limited

Louise Brugman                                                          Phil Dexter
+27 (0) 11 787 3015                                                     +44 (0) 20 7499 3916
+27 83 504 1186
                                                                        Gable Communications

                                                                        Justine James
                                                                        +44 (0) 20 7193 7463 / +44 (0) 7525 324431


For further information on Pan African, please visit the website at www.panafricanresources.com

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