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CHROMETCO LIMITED - Progress Update and Renewal of Cautionary Announcement

Release Date: 08/12/2016 17:25
Code(s): CMO     PDF:  
Wrap Text
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 announcements released on SENS,
the last of which was dated 7 November 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

The Company is pleased to advise shareholders that numerous
conditions precedent to the transaction have been fulfilled,
including the production and sale of 15 000 tons of chrome ore
originating from the Black Chrome Mine over two consecutive
months of mining operation.

The Company has also undertaken additional geological resource
assessments of the Black Chrome mine and the Company’s
Rooderand mining asset.

The Company is progressing well in finalising the various
reports required by the JSE and will distribute a circular to
shareholders early in 2017.

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
8 December 2016

Designated Advisor and Corporate Advisor: PSG Capital
Proprietary Limited

Date: 08/12/2016 05:25:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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