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Quarterly Update
Union Atlantic Minerals Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/001940/06)
Share code: UAT ISIN: ZAE000254314
(“UNION ATLANTIC MINERALS, UAT or the Company”)
Quarterly Update
UPDATE ON SHARE SUBSCRIPTION TRANSACTION
Shareholders are referred to the SENS announcement dated 25 March 2022, in terms of which
shareholders were advised that the Company, Ibhubesi Capital Proprietary Limited (“Ibhubesi
Capital”) and DNG Energy Limited (“DNG”) had concluded an amendment and restatement
of the share subscription and option agreement on 17 March 2022 (“Amended and Restated
Subscription Agreement”).
Shareholders are advised that the conditions to the Amended and Restated Subscription
Agreement have not been fulfilled as Ibhubesi Capital did not deposit the full subscription
consideration of R24 200 000 into the trust account of the attorneys of the Company, for the
issue of 1,545,000,000 new UAM shares (“Subsequent Subscription Shares”).
Ibhubesi Capital has, however, advanced R2 million of the subscription price to the Company
in terms of a written loan agreement. The loan has been used by the Company as working
capital to settle, amongst other costs, the audit fees pertaining to the audits for years ended
31 August 2021 and 31 August 2022 and the delivery of the guarantee required for the
completion of the Rozynenbosch mining right application and relevant reports related thereto.
The loan is repayable by the Company on the date of issue of the Subsequent Subscription
Shares by way of set-off against an equivalent amount of the subscription price payable for
such shares.
An additional loan of around R2.6 million will be advanced to the Company on a similar basis
and a revival agreement will be signed in relation to the Subscription Shares, which transaction
will require shareholder approval in General Meeting.
A further announcement will be made in due course.
AUDITS FOR THE YEARS ENDED 31 AUGUST 2021 AND 31 AUGUST 2022
The audits for the years ended 31 August 2021 and 31 August 2022 are nearing completion
and UAM anticipate that both audits will be completed before the end of June 2023. The
conclusion of the above loan funding and share subscription with Ibhubesi Capital is important
for the going concern assessment for the Board and the auditors.
The publication of the results and the finalisation of the Annual Report for both years are
expected to be completed before the end of June 2023.The interim results for the six months
ended 28 February 2023 will be finalised and published during August 2023. The above
assumes that the Company does not receive a qualified audit report on the year end results,
which would then trigger a review of the interim results.
The Company intends to finalise the Annual Report for both years and hold an Annual General
Meetings for the two years. A revised application has been lodged with the Companies
Tribunal in this regard.
Once the Company has become compliant with the publication of the required financial results
in terms of the JSE Listings Requirements and the Companies Act, an application will be made
for the lifting of the suspension of trade in the Company’s shares.
APPLICATION FOR A MINING RIGHT AT ROZYNENBOSCH
The Company is pleased to announce that in pursuit of an application for a Mining Right at the
Rozynenbosch project situated in the Northern Cape Province of South Africa, the Department
of Mineral Resources and Energy (“DMRE”) has granted an integrated environmental
authorisation in terms of Section 24L of the National Environmental Management Act (Act
107 of 1998).
The Company will update shareholders as the process for the application for a Mining Right
over the Rozynenbosch project progresses.
OUTLOOK
Management expects market and operating conditions in the coming year to remain volatile as
sentiment and policies fluctuate and the negative economic impact of the conflict in Eastern
Europe materialize, despite significantly stronger commodity prices and a changed global
economic environment.
Despite the negative impacts of world events in the past years, management remains confident
that it will be able to deliver on the strategy initiated in February 2017. Management is
constantly running a process of identifying potential new projects, securing existing mineral
rights in line with the South African legislative environment, as well as securing a cornerstone
investor and cash generative project to secure the future of the Company.
Centurion
18 May 2023
Sponsor and Corporate Adviser
River Group
Ibhubesi Capital / DNG Energy
c/o AcaciaCap Advisors
Michelle Krastanov
michelle@acaciacap.co.za
011 4808500
Union Atlantic Minerals
Media and Investor Relations
James Duncan
james@jmdwrite.com
+27791841621
Date: 18-05-2023 07:30:00
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