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Progress Update and Renewal of Cautionary Announcement
CHROMETCO LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2002/026265/06)
Share code: CMO
ISIN Code: ZAE000070249
(“Chrometco” or “the Company”)
PROGRESS UPDATE AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
1. INTRODUCTION
Shareholders are referred to the announcement released on SENS
on 25 August 2016 wherein the Company announced that it had
entered into agreements to recapitalise the Company by way of a
subscription agreement for R5 million and a loan facility of R10
million.
The Company also announced that it had entered into an
agreement to acquire 51% of Palm Chrome Holdings Proprietary
Limited (“Palm Chrome”) in exchange for 200 million Chrometco
ordinary shares (“Palm Chrome Acquisition”).
Furthermore, the Company announced that it had entered into an
agreement to acquire 51% of Black Chrome Holdings Proprietary
Limited (“Black Chrome”) and 25% of the commodity trading
company, Sail Minerals Proprietary Limited (“Sail”) in
exchange for 2 205 million Chrometco ordinary shares (“Black
Chrome Acquisition”).
2. PROGRESS UPDATE
Shareholders are advised that the due diligence process
undertaken by Chrometco on Black Chrome, Palm Chrome and Sail
Minerals has been completed with a satisfactory outcome.
Sail brought the Black Chrome mine into production over the
September and October period, and production is being ramped
up. Shareholders are further advised that the Company is
working diligently with vendors and various geological and
technical experts, including the Competent Person who will
sign off the various Competent Persons Reports which will
include Resource Statements, to provide all the necessary
information required by the JSE for inclusion in the
transaction circular to be distributed to shareholders. As
part of this exercise twin hole drilling is required at Black
Chrome to verify and update the geological report to JSE
standards.
3. RENEWAL OF CAUTIONARY ANNOUNCEMENT
Until such time as all the information required in terms of
the Listings Requirements have been disclosed, shareholders
are advised to continue to exercise caution when dealing in
the Company’s securities until a further announcement is made.
Johannesburg
7 November 2016
Designated Advisor and Corporate Advisor: PSG Capital
Proprietary Limited
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