| Thu 19 Mar 2009, 15:30 | | TEL - Teal Exploration & Mining Incorporated - Currency Conversion Rate: |
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TEL
TEL
TEL - Teal Exploration & Mining Incorporated - Currency Conversion Rate:
Payment to South African Shareholders pursuant To The Plan Of Arrangement
TEAL EXPLORATION & MINING INCORPORATED
Corporate Access Number: 31403
ISIN: CA8781511099
(Incorporated in Yukon, Canada on 1 June 2005)
SA Company Registration Number: 2006/003229/10
JSE share code: TEL
JSE short name: TEAL
Currency Conversion Rate: Payment to South African Shareholders pursuant to
The Plan Of Arrangement
JOHANNESBURG, South Africa - TEAL Exploration & Mining Incorporated ("TEAL")
announced previously that pursuant to the plan of arrangement (the
"Arrangement") between, inter alia, TEAL, African Rainbow Minerals Limited
("ARM") and Companhia Vale do Rio Doce ("Vale"), which is expected to be
completed on or about March 24, 2009, a cash consideration equal to CDN$3.00
per share shall be payable to holders of common shares of TEAL ("TEAL Shares")
upon the closing of the Arrangement.
The consideration of CDN$3.00 per share shall be paid to holders of TEAL
Shares who are registered as holders of TEAL Shares on the South African
branch register maintained for TEAL ("South African Shareholders") in the
South African Rand equivalent. It was announced on March 16, 2009 that the
conversion reference date, applicable to South African Shareholders, would be
March 18, 2009. The Canadian dollar to South African Rand conversion rate that
will be used in calculating the Rand amount payable to South African
Shareholders is CDN$1.00 to R7.8125.
ADDITIONAL TEAL INFORMATION CAN BE FOUND AT: www.tealmining.com
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements with respect to the
Arrangement and the transactions contemplated thereby, including the proposed
business combination of TEAL and ARM. Words such as "anticipates", "expects",
"intends", "plans", "forecasts", "projects", "budgets", "believes", "seeks",
"estimates", "could", "might", "should" and similar expressions identify
forward-looking statements.
Although TEAL believes that the plans, intentions and expectations reflected
in these forward-looking statements are reasonable, TEAL cannot be certain
that these plans, intentions or expectations will be achieved. Forward-
looking statements involve numerous assumptions, known and unknown risks and
uncertainties, of both a general and specific nature, that could cause actual
results to differ materially from those suggested by the forward-looking
statements or contribute to the possibility that predictions, forecasts or
projections will prove to be materially inaccurate. These risks include, but
are not limited to, the following: (a) a material and adverse change in the
anticipated tax treatment of the Arrangement; (b) the inability of TEAL to
obtain all required regulatory approvals and necessary consents; (c) a failure
by TEAL to complete the necessary pre-Arrangement corporate reorganizations;
(d) the occurrence of a material adverse change in regard to TEAL or its
business; and (e) the occurrence of any other event, change or other
circumstances that could give rise to the termination of the Arrangement
agreement, or the delay of consummation of the Arrangement or failure to
complete the Arrangement for any other reason. TEAL disclaims any intention
or obligation to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise. TEAL cautions that the
list of risks and assumptions set forth or referred to above is not
exhaustive.
For further details contact:
Julian Gwillim (VP: Investor Relations and Corporate Development) on
+27 (0) 82 4524 389; or julian@tealmining.com
19 March 2009
SPONSOR: Investec Bank Limited
Date: 19/03/2009 15:30:03 Produced by the JSE SENS Department.
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