PET - Petmin - Finalisation of the sale of Petmin`
PET
PET
PET - Petmin - Finalisation of the sale of Petmin`s 100% interest in BAOBAB and
further cautionary
PETMIN LIMITED
(Previously Petra Mining Limited)
Incorporated in the Republic of South Africa
Registration Number 1972/001062/06
Share Code: PET & ISIN: ZAE000010237
("Petmin", "the company" or "the group")
FINALISATION OF THE SALE OF PETMIN`S 100% INTEREST IN BAOBAB TO GVM AND FURTHER
CAUTIONARY
Shareholders are referred to the Interim Financial Statements published on SENS
on 5 March 2007, an extract of which is depicted below:
GVM SALE
"The Company has reached an agreement with GVM Metals Limited to dispose of its
investment in Baobab for an amount of GBP 2.5 million (+/- R35 million) ("the
disposal consideration"). The sale is subject to Ministerial approval, by no
later than 30 April 2007, in terms of the Mineral and Petroleum Resources
Development Act, 2002. In accordance with IFRS, assets of R1.5 million have been
disclosed as assets held for sale and are carried at cost which is lower than
their net realisable value. Revenue on the sale will be recorded when the last
remaining suspensive condition is satisfied."
The board is pleased to announce that all the conditions precedent have been
met, the disposal consideration has been received and the transaction is now
complete.
FURTHER CAUTIONERY
Shareholders are advised that the company is still in negotiations, which if
successfully concluded may have a material effect on the price of the company`s
securities. Accordingly, shareholders are advised to exercise caution when
dealing in Petmin`s securities until a full announcement is made.
Sponsor
River Group
Johannesburg
28 May 2007
Date: 28/05/2007 09:46:29 Produced by the JSE SENS Department.
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