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Update on the conversion options and specific issues
Mine Restoration Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/004821/06)
Share Code: MRI
ISIN Code: ZAE000164562
("MRI" or the “Company")
UPDATE ON THE CONVERSION OPTIONS AND SPECIFIC ISSUES
With reference to the SENS announcement published on 8 April
2014 regarding the Conversion Options and Specific Issues, MRI
shareholders (“Shareholders”) are advised that both lenders,
namely AfrAsia Special Opportunities Fund (Pty) Ltd and
Armadale Capital Plc, have elected to convert their debt with
MRI as at 24 June 2014 into equity (the Conversion Options).
Accordingly, 312 142 458 additional new MRI shares were issued
today at 5 cents per share (“Conversion Shares”). The issuing
of the Conversion Shares is a positive development that
strengthens the Company’s balance sheet and improves the
Company’s capital structure.
In addition, Shareholders are advised that 13 000 000 new MRI
shares were also issued today to the various directors of MRI
who agreed to settle outstanding payments owing to them in
respect of directors fees and a further 10 000 000 new MRI
shares to MRI’s corporate advisor for services rendered (the
Specific Issues).
MRI’s new issued share capital will reflect 833 428 030
ordinary shares.
25 June 2014
Designated Advisor
Sasfin Capital (a division of Sasfin Bank Limited)
Corporate Advisor
AfrAsia Corporate Finance (Pty) Ltd
Date: 25/06/2014 02:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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