| Tue 18 Sep 2007, 12:50 | | MTX - Metorex Limited - Copper Resources Corporati |
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MTX
MEMTX
MTX - Metorex Limited - Copper Resources Corporation Acquisition
Metorex Limited
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
JSE code: MTX
ISIN: ZAE000022745
Issuer code: MEMTX
("Metorex")
COPPER RESOURCES CORPORATION ACQUISITION
Introduction
Shareholders are referred to the announcement dated 4 July 2007 regarding the
acquisition of the Forrest Group`s shareholding in Copper Resources Corporation
("CRC") ("the Forrest Group Transaction").
The conditions precedent contained in the Memorandum of Understanding have now
been fulfilled. The South African Reserve Bank has approved both the Forrest
Group Transaction and the mandatory offer to the minority shareholders of CRC.
Metorex has completed its feasibility study and the Board of Directors of
Metorex has approved the Forrest Group Transaction.
A definitive, unconditional share purchase agreement ("SPA") was signed between
Metorex and the Forrest Group on 14 September 2007.
The SPA encapsulates the acquisition by Metorex of all the Forrest Group`s
interests in CRC to be settled by way of the issue of 25 million new Metorex
shares, and includes the purchase of certain options and warrants to subscribe
for a further 4 049 929 shares in CRC for cash, which collectively represents
39% of CRC.
Offer to minority shareholders of CRC
The Forrest Group Transaction is now unconditional. Metorex will immediately
proceed with an offer to the minority shareholders of CRC ("the offer"). The
offer consideration will be 73 new Metorex shares for every 100 CRC shares held
by the CRC minorities with a cash alternative of GBP1.25 per CRC share.
An offer circular is being finalised and will be mailed to the minority
shareholders of CRC in due course.
Johannesburg
18 September 2007
Enquiries:
College Hill
Nicholas Williams - Tel: 011 447 3030
Corporate Advisor and Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Ltd
Legal Advisor
Bowman Gilfillan Inc.
Company Information:
2nd Floor, Cradock Heights, 21 Cradock Avenue, Rosebank, 2196, South Africa
PO Box 2814, Saxonwold, 2132, South Africa
Website: www.metorexgroup.com
e-mail: info@metorexgroup.com
Telephone: +27 (0) 11 880 3155
Facsimile: +27 (0) 11 880 3322
Date: 18/09/2007 12:50:02 Produced by the JSE SENS Department.
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