CMO
CMO
CMO - Chrometco Limited - Detailed cautionary announcement
Chrometco Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2002/026265/06)
(JSE Code: CMO & ISIN: ZAE000070249)
("Chrometco" or "the Company")
DETAILED CAUTIONARY ANNOUNCEMENT
River Group is authorised to announce that with reference to the cautionary
announcement published on SENS on 25 June 2008, CMO has signed a detailed
memorandum of understanding with NUCOCO S.P.R.L. a company registered in the
Democratic Republic of Congo, that is the mineral rights holder of a copper
cobalt ore reserve, the basic terms of which are as follows:
* CMO will carry out a comprehensive due diligence exercise, including a
field study and scoping report, over the next two months at CMO`s cost;
* CMO will pay all operating costs of NUCOCO for the next two months;
* On successful completion of the due diligence exercise above the companies
will enter into a detailed shareholders agreement which will subject to all
the relevant regulatory approvals include the following term:
* CMO will acquire 51% of NUCOCO S.P.R.L. for USD 2 500 000, expended over
the following 15 months to complete and prepare all relevant documentation,
scoping reports, drilling programmes and pay all other costs related to the
planned IPO of NUCOCO S.P.R.L. on the AIM in London
Shareholders are advised to continue exercising caution when dealing in the
Company`s securities until further announcements is made with regard to this
transaction.
Johannesburg
30 July 2008
Designated Advisor
River Group
Date: 30/06/2008 12:48:01 Produced by the JSE SENS Department.
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