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ZCI
ZAKK
ZCI - Zambia Copper Investments Limited - African Copper Plc Accepts ZCI`S Offer
of Finance and Agreement Entered Into With Moolman to Acquire Debt
Zambia Copper Investments Limited
(Registered in Bermuda)
(South African registration number 1970/000023/10)
JSE share code: ZCI & ISIN: BMG988431240
Euronext share code: BMG988431240
("ZCI" or "the Company")
AFRICAN COPPER PLC ACCEPTS ZCI`S OFFER OF FINANCE AND AGREEMENT ENTERED INTO
WITH MOOLMAN TO ACQUIRE DEBT
African Copper plc accepts ZCI`s offer of finance
Reference is made to the announcements dated 16 April 2009 and 28 April 2009, in
which shareholders were advised that the Company had made a binding offer of
finance to African Copper plc ("African Copper") ("the offer"). Shareholders are
hereby advised that African Copper has accepted the offer after its shareholders
voted against a similar offer by Natasa Mining Limited at the Extraordinary
General Meeting of African Copper which was held on 7 May 2009.
Agreement entered into with Moolman to acquire debt
ZCI and African Copper have, on 11 May 2009, jointly entered into a binding debt
assignment agreement with African Copper`s mining contractor Moolman Mining
Botswana (Pty) Limited ("Moolman") pursuant to which Moolman assigned its 60
million Pula plus VAT (approximately US$8 million at an exchange rate of
US$1/7.5 Pula) outstanding debt (the "Debt") to ZCI at a price equal to 50% of
the face value of the Debt ("the debt acquisition").
As part of the debt acquisition, all existing agreements between African Copper
and Moolman have been terminated, including the mining contract in relation to
African Copper`s Mowana mine.
In order to help secure African Copper`s future and accelerate bringing an
important mine in the Botswanan community back into production, ZCI has agreed
with African Copper that it will not seek repayment of the Debt until at least
the completion of the entire financing package.
Circular and renewal of cautionary
The financial effects of the offer and the debt acquisition will be incorporated
into a circular to shareholders setting out full details of the proposed
transactions and incorporating the notice of the general meeting and form of
proxy, the circular will be distributed to shareholders in due course.
Shareholders are advised to continue exercising caution when dealing in the
Company`s shares.
Bermuda
12 May 2009
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 12/05/2009 09:35:01 Produced by the JSE SENS Department.
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