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

MIRANDA MINERAL HOLDINGS LIMITED - Announcement re Ontario Mining Group

Release Date: 30/08/2016 15:33
Code(s): MMH     PDF:  
Wrap Text
Announcement re Ontario Mining Group

Miranda Mineral Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/001940/06)
Share code: MMH ISIN: ZAE000074019
(“Miranda” or “the Company”)

Announcement re Ontario Mining Group

Shareholders are advised that Miranda was approached by Ontario Mining Group Proprietary Limited
(‘Ontario’) in May 2016 with a proposal to reverse list Ontario into Miranda. These discussions were
purely exploratory. In a letter dated 12 May 2016, Ontario submitted a signed ‘Indicative Conditional
Merger/Scheme Agreement’ to the Board of Miranda (‘The Term Sheet’). On 17 May 2016 the Board
of Miranda responded to the Term Sheet with a number of issues, which Ontario had to respond to in
writing. The key issue was for Ontario, who claimed they had the available funds, to provide proof of
initial funding that was required to restore Miranda’s ability to trade on the JSE, prior to entering into
the transaction as proposed in the Term Sheet.

Ontario did not respond within the time frame presented by Miranda and the Term Sheet was never
signed by the Board of Miranda.

On 21 July 2016 Miranda received information that Ontario was selling preferential stock options to
members of the public, based on the premise that Ontario will do a reverse listing into Miranda on 16
August 2016. Miranda sent various letters to Ontario prior to 21 July 2016 and thereafter, requesting,
amongst others, that Ontario refrain from referring to Miranda or any of its directors, as well as the
use of salient information of Miranda in its Private Placement Proposal. The attorneys of Ontario
confirmed on 22 July 2016 that Ontario would accede to the request.

Miranda requested guidance from the JSE on the matter on 26 July 2016, as the JSE was also referred
to in Ontario’s documentation.

Miranda received confirmation from the attorneys of Ontario on 28 July 2016 that the initial funding
was available. On the basis of the availability of funding, Miranda requested a meeting so as to
continue the negotiations with Ontario. Ontario did not respond to these requests. The JSE responded
on 19 August 2016, requesting the Company to resolve the disparity of information available to the
public.

Due to the lack of any response from Ontario and misrepresentation by Ontario, the company decided
to terminate any option of negotiations. On 23 August 2016 Miranda informed Ontario in writing of
its decision.

Pretoria

30 August 2016

Sponsor

Exchange Sponsors

Date: 30/08/2016 03:33:00 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