TRUSTCO GROUP HOLDINGS LIMITED - Closing of the Huso Transaction

Release Date: 04/09/2018 16:10
Code(s): TTO
 
Wrap Text
Closing of the Huso Transaction

TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
Registered as an external company in South Africa
(External registration number 2009/002634/10)
NSX share code: TUC
JSE share code: TTO
ISIN Number: NA000A0RF067
(“Trustco” or “the Company”)



CLOSING OF THE HUSO TRANSACTION



1.    Introduction

Trustco shareholders (“Shareholders”) are referred to the announcement and definitions therein
published on the Stock Exchange News Service (“SENS”) on 24 July 2018 relating to the Huso
Transaction.

Shareholders were advised that the Huso Transaction was still subject to the fulfilment of certain
conditions (“Conditions Precedent”). The fulfilment of the Conditions Precedent would be regarded
as the closing date for the Huso Transaction (i.e the date on which the Huso Transaction becomes
effective).

The only outstanding Condition Precedent was the issuing of a mining license to NNDC by the
Ministry of Mines and Energy (“MME”), in terms of the Minerals Act No 33 of 1992 (“Minerals Act”).

NNDC received a notice of preparedness to grant application for mining license for a period of 15
(fifteen) years in terms of the Minerals Act from MME on 20 July 2018 (“the Notice”) which notice
was subject to acceptance of the terms and conditions by NNDC. NNDC subsequently accepted the
Notice.

2.    Closure of the Huso Transaction

Trustco is pleased to announce receipt of a mining license issued in terms of the Minerals Act to NNDC
by MME on 4 September 2018. The mining license is valid for a 15 (fifteen) year period from 31 July
2018 to 30 July 2033.

The Huso Transaction, as amended, has now become effective and unconditional and as such the Huso
Transaction has closed.

Windhoek, Namibia
4 September 2018


Amanda Bruyns
Company Secretary: Trustco Group Holdings Limited

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