WESIZWE PLATINUM LIMITED - Update on Maseve Project

Update on Maseve Project

WESIZWE PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2003/020161/06)
JSE code: WEZ ISIN: ZAE000075859
(the "Company" or "Wesizwe")

UPDATE ON MASEVE PROJECT

Shareholders are referred to the SENS announcement dated 21
October 2013 advising shareholders that Africa Wide Mineral
Prospecting and Exploration (Pty) Limited (“Africa Wide”), 
a subsidiary of Wesizwe which holds a 26% interest in Maseve
Investments 11 (Pty) Limited (“Maseve”) being the operating
company of the WBJV Project 1 Platinum Mine (“the Maseve 
Project”), would not be funding a ZAR213 million (approximately 
US $ 21.8 million) cash call for its 26% share of a 6 month 
forward budget for the Maseve Project.

In terms of the Maseve shareholders agreement (“MS Agreement”):

 - any non-participation in the funding by Africa Wide and the
   subsequent continued funding by PTM could result in a dilution 
   of Africa Wide’s equity interest in Maseve; and

 - a specific dilution formula is provided for in calculating
   the extent of such aforementioned dillutionary effect which
   is also subject to confirmation by arbitration proceedings.

Further to the above, Wesizwe shareholders are advised that a
subsequent Maseve Shareholders meeting was held on 11 November
2013 whereat it was inter alia resolved that as a consequence of
Africa Wide’s non-participation and in accordance with the MS
Agreement:

 - Africa Wide would dilute to a shareholding of 22.51% (“Africa
   Wide Dilution”); and

 - the Africa Wide Dilution would be subject to the completion
   of an agreed arbitration process to confirm the correctness
   of the calculation methodology applied in determining the
   Africa Wide Dilution.

Shareholders will be informed once the arbitration proceedings
have been completed and the Africa Wide Dilution is to be effected.

For any enquiries, please contact:
Paul Smith
Chief Operating Officer
Wesizwe Platinum Limited
Tel: +2711 994 4600.

Johannesburg
12 November 2013

Sponsor:
PSG Capital Proprietary Limited

Date: 12/11/2013 12:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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