RACEC GROUP LIMITED - Short-term funding secured

Short-term funding secured

RACEC GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/006153/06)
Share code: RAC ISIN: ZAE000105409
(“RACEC” or “the Group”)


                                  SHORT-TERM FUNDING SECURED



Due to protracted delays and associated contractual disputes with the final contract close out of RACEC’s
completed Sierra Leone project, amounting to in excess of USD11 million, the Group has secured a
R40.0 million short-term mezzanine funding facility from a financial institution.

This mezzanine facility will assist RACEC to meet its short-term working capital requirements and the
funding of any dispute resolution proceedings.

The board of directors have approved the terms of the loan and it is expected that the funds will be
received on 4 April 2013.

Management remain optimistic that the dispute in terms of the Sierra Leone project will be resolved in the
short-term.

Cape Town
4 April 2013

Designated Adviser
Merchantec Capital

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