| Mon 10 Dec 2007, 8:00 | | ARQ/ANO - Anooraq - Possible sale by Pelawan of Anooraq shares to a strategic |
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ARQ
ARQ
ARQ/ANO - Anooraq - Possible sale by Pelawan of Anooraq shares to a strategic
investor in order to finance the exercise of BEE warrants
Anooraq Resources Corporation
(Incorporated in British Columbia, Canada)
(Registration number 10022-2033)
(JSE share code: ARQ & ISIN: CA03633E1088)
(TSXV share code: ARQ & ISIN: CA03633E1088)
(AMEX share code: ANO & ISIN: CA03633E1088)
(`Anooraq` or `the Company`)
POSSIBLE SALE BY PELAWAN OF ANOORAQ SHARES TO A STRATEGIC INVESTOR IN ORDER TO
FINANCE THE EXERCISE OF BEE WARRANTS
Anooraq has been advised by its controlling shareholder, The Pelawan Trust
("Pelawan"), that Pelawan has filed a Notice of Intention to Distribute
Securities (45-102F1) (a "Notice") dated December 7, 2007 (the "Current Notice")
in connection with the possible sale by Pelawan of up to 41,750,000 common
shares of Anooraq for the purpose of financing, in part, the exercise of BEE
warrants held by Pelawan in Anooraq. For further details regarding the BEE
warrants, please refer to the Company`s news release dated January 2, 2007.
Pelawan previously filed a 45-102F1 Notice on November 6, 2007 qualifying
Pelawan to sell up to 21,000,000 common shares of Anooraq. Pelawan has advised
Anooraq that no shares were sold pursuant to the November 6, 2007 Notice and
that such Notice expires today. The Current Notice will expire on January 6,
2008.
Pelawan has advised Anooraq that:
- the purpose of the Current Notice is to ensure that Pelawan retains an ability
to implement a private sale transaction for the sale of up to 41,750,000 common
shares in Anooraq, the proceeds of which Pelawan intends to utilise to exercise
all or part of its BEE warrants in Anooraq; and
- Pelawan is in the process of evaluating proposals from various parties which
have expressed interest in acquiring from Pelawan a strategic shareholding in
Anooraq of up to 41,750,000 common shares in the Company.
Pelawan is entitled to sell up to 41,750,000 common shares in Anooraq pursuant
to the Release Agreement between Anooraq, Pelawan and Pelawan Investments (Pty)
Ltd dated December 28, 2006, further details of which are available in the
Company`s news release dated January 2, 2007.
For further information on Anooraq and its South African properties, please
visit our website www.anooraqresources.com or call investor services in South
Africa at +27 11 883 0831 or in North America at 1 800 667 2114.
ON BEHALF OF THE BOARD OF DIRECTORS
Tumelo Motsisi
Acting President and CEO
Forward looking Statements
Certain statements included in this press release may be considered forward-
looking. Such statements involve known and unknown risks, uncertainties and
other factors that may cause actual results, level of activity, performance or
achievements to be materially different from those implied by such statements,
and therefore these statements should not be read as guarantees of future
performance or results. Wherever possible, words such as "anticipate",
"believe", "expect", "may", "could", "will", "potential", "intend", "estimate",
"should", "plan", "predict", "project" or the negative or other variations of
such expressions reflect Anooraq`s current beliefs and assumptions and are
based on the information currently available to Anooraq as of the current date.
. Certain risks and uncertainties, including those risk factors identified by
Anooraq in its annual information form dated March 26, 2007, may cause Anooraq`s
actual results, level of activity, performance or achievements to differ
materially from those implied by forward looking statements. Readers are
cautioned not to place undue reliance on these forward -looking statements,
which are made only as of the date of this press release. Anooraq disclaims any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Sandton
10 December 2007
Sponsor
BDO QuestCo
Date: 10/12/2007 08:00:01 Produced by the JSE SENS Department.
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