| Wed 9 Jul 2008, 11:55 | | BRE - Braemore Resources Plc - Abridged pre-listing statement |
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JSE
BRR
BRE - Braemore Resources Plc - Abridged pre-listing statement
BRAEMORE RESOURCES PLC
(A company incorporated in England and Wales with Registration
Number 5350550)
(South African registration number: 2008/013973/10)
Share code on the JSE Limited: BRE
Share code on AIM: BRR ISIN: GB00B06GJQ01
("Braemore" or "the Company")
ABRIDGED PRE-LISTING STATEMENT
INWARD LISTING OF BRAEMORE SHARES ON THE JSE LIMITED
This abridged pre-listing statement is not an invitation to the
public to subscribe for Braemore shares, but is issued in
compliance with the JSE Limited`s (the "JSE") Listings
Requirements. The information in this abridged pre-listing
statement has been extracted from the detailed pre-listing
statement to be issued by Braemore on Wednesday, 9 July 2008
("the pre-listing statement").
The JSE has granted approval for an inward listing by way of
introduction on the Main Board of the JSE of all Braemore
Ordinary Shares in the `General Mining` sector of the JSE, to be
listed under the abbreviated name `Braemore`, with effect from
the commencement of business on Wednesday, 16 July 2008.
At the date of listing, the authorised share capital of Braemore
will comprise 1,695,000,000 Ordinary Shares and 305,000,000
Performance Shares, each with a par value of 0.1p per Ordinary
and Performance Share. The issued share capital of Braemore will
comprise 789,333,036 Ordinary Shares and 305,000,000 Performance
Shares, each with a par value of 0.1p, fully paid and freely
transferable.
1. INTRODUCTION
Braemore is currently listed on the Alternative Investment
Market ("AIM") of the London Stock Exchange ("LSE").
The main purpose of the listing on the JSE is to:
* Enhance South African investors` awareness of Braemore,
thereby enlarging Braemore`s potential investor base, which
could lead to increased liquidity in Braemore`s Ordinary
Shares;
* Facilitate direct investment by South African residents in
Braemore;
* Provide Braemore with another potential source of capital,
including the use of Ordinary Shares as acquisition
currency;
* Provide the platform for meeting a commitment to Black
Economic Empowerment and
* Provide investors with an additional market for trading
Braemore Ordinary Shares.
2. NATURE OF BUSINESS AND PROSPECTS
Braemore is registered as a public company limited by shares in
England and Wales, incorporated on 2 February 2005 and was
listed on AIM on 10 March 2005 under the Companies Act 1985.
The principal activities of the Group are:
* evaluating, establishing and operating independent
facilities for the roasting, smelting and refining of
sulphide concentrates containing Platinum Group Metals
("PGM") and associated base metals from emerging platinum
producers in South Africa; and
* evaluating, establishing and operating facilities for the
reclamation and processing of sulphide nickel tailings.
Braemore is not currently directly involved in mining
operations, but has licenses to technology which is part of the
value chain, whereby the precious and base metals are further
processed for recovery and ultimate sale. The Company intends
expanding its direct exposure to mining operations in the future
through strategic alliances or joint ventures with selected new
platinum producers. Braemore has diversified both geographically
and in respect of product - nickel and platinum, located in
principal deposits in their respective host countries, Australia
and South Africa.
Through its subsidiary Braemore Platinum (Pty) Limited ("BPt"),
formerly Independence Platinum (Pty) Limited, the Company has
exclusive rights to Mintek`s patented ConRoast technology which
has applications in the smelting of high chrome and nickel
content PGM concentrates in South Africa. This has direct
application for the smelting of UG2 concentrates which will make
up the majority of production from the expansion of production
from South Africa`s new platinum mines. The smelting of
unblended UG2 concentrates is not considered suitable for
smelting in traditional "six-in-line" smelters. The current "six-
in-line" smelters manage the high chrome problem by blending the
UG2 concentrates with Merensky or Platreef concentrates.
As a result Braemore is positioned to be at the forefront of the
expansion in PGM production in South Africa and intends to
leverage itself into projects and strategic alliances or joint
ventures with selected new platinum producers.
Braemore is currently conducting pilot plant testwork leading to
a definitive feasibility study on the reclamation and processing
of sulphide nickel tailings at BHP Billiton`s nickel operations
at Leinster, Kambalda and Mt Keith in Western Australia. Once
successful bankable feasibility studies have been concluded, it
may proceed with the development of commercial plants to process
nickel sulphide tailings and produce products containing nickel
metal.
Braemore offers investors an attractive opportunity to enter
into the PGM and nickel business, initially through the mid-
stream processing of these metals and, in time, through mine-to-
market production opportunities. Located in two key mining
regions - Braemore Nickel in Western Australia and Braemore
Platinum in South Africa - the company has access to proprietary
technology. In particular Braemore`s rights to the Mintek
ConRoast technology, is successfully operating at test plant
level with Braemore`s demonstration smelter producing PGM in
alloy at an annualised rate of 20,000 ounces and is being
expanded to 60,000-70,000 ounces per annum (depending on feed
grade). Unlike conventional smelters, ConRoast is unaffected by
the high-chrome content ores, which are increasingly being
mined.
Braemore`s management team, in South Africa and Australia,
brings with them impressive credentials in their respective
sectors, combined with a board that is knowledgeable in metals
processing, financial and commodities markets.
The Company is well positioned to become a significant player in
the burgeoning South African PGM sector, offering a more cost-
effective, environmentally friendly and accessible smelting
option to a plethora of junior mining companies. Access to
financial markets, through AIM and the South African listing,
will help facilitate this process. The inward listing on the JSE
will provide Braemore with the ability to offer Ordinary Shares
to South African investors and platinum project owners to
facilitate the acquisition and consolidation process.
3. DIRECTORS DETAILS
The names and addresses of the directors of Braemore are
outlined below:
Name Address (South Africa) Principal Occupation
and Braemore Function
David J. Humann (69)* 125 James Street Non-Executive Chairman
Guildford
Western Australia
WA6055
Christopher W 18-19 Pall Mall Non-Executive Deputy
Lambert (49)# London Chairman
SW1Y 5LU
Leon Coetzer (38) Northdowns Office Park Managing Director and
Building 3 Chief Executive Officer
17 Georgian Crescent
Bryanston
South Africa
Clayton J. Dodd 125 James Street Executive Director
(51)* Guildford
Western Australia
WA6055
Michael Elias (56)* 125 James Street Non-Executive Director
Guildford
Western Australia
WA6055
Anthony John Samaha 18-19 Pall Mall Non-Executive Finance
(40)* London Director
SW1Y 5LU
# British
* Australian
South African
4. COPIES OF THE PRE-LISTING STATEMENT
Electronic copies of the pre-listing statement may be obtained
from Braemore`s website at www.Braemoreresources.com from
Wednesday, 9 July 2008 at any time.
Hard copies of the pre-listing statement may be collected from
Qinisele Resources (Pty) Ltd, The Fern Centre, Cnr. Cedar &
Gateside Roads, Dainfern, Gauteng between Friday, 11 July 2008
and Friday, 18 July 2008 during the hours of 09h00 and 16h00.
Johannesburg
9 July 2008
Corporate advisor
Qinisele Resources (Pty) Limited
Sponsor
Sasfin Capital
(A division of Sasfin Bank Limited)
Corporate law advisors
Routledge Modise in association with Eversheds
Date: 09/07/2008 11:55:01 Produced by the JSE SENS Department.
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