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TBX
TBX
TBX - Thabex Limited - Disposal of interest in Angel Diamonds (PTY) Limited
("ANGEL DIAMONDS") and renewal of cautionary announcement
THABEX LIMITED
Registration No 1988/000763/06
(Incorporated in the Republic of South Africa)
JSE share code: TBX
ISIN Code: ZAE000013686
Young Lions Exploring Africa
("Thabex" or "the Company")
DISPOSAL OF INTEREST IN ANGEL DIAMONDS (PTY) LIMITED ("ANGEL DIAMONDS") AND
RENEWAL OF CAUTIONARY ANNOUNCEMENT
DISPOSAL OF INTEREST IN ANGEL DIAMONDS
1 Introduction
1.1 Shareholders are hereby advised that Thabex has entered into an agreement
("the Agreement") for the disposal of 9.33% of its interest in Angel
Diamonds. Thabex holds 70% of the issued share capital in Angel Diamonds.
1.2 Pursuant to the Agreement, Thabex and the five other vendors ("the
Vendors") have agreed to dispose of 13.33% of the issued share capital of
Angel Diamonds to Mantle Diamonds Limited ("Mantle"), for cash ("the
Disposal").
2 The effective and closing date of the Agreement
2.1 The effective date of the Agreement was 8 June 2009, and the closing date
will be on 8 August 2009.
3 Particulars of the disposal
3.1 The Vendors will sell 13.33% of the issued share capital of Angel Diamonds
to Mantle on a pro rata basis. The purchase consideration for the Angel
Diamonds Shares is US$500 000, of which US$200 000 has been pre-paid and a
further three payments of US$100 000 will be paid on a monthly basis which
payments commenced on 8 June 2009 and will end on 8 August 2009.
3.2 Subject of the disposal
The subject of the disposal is 9.33% of Thabex`s interest in and 9.33% of
its shareholders loan account against Angel Diamonds.
4 Business carried on by Angel Diamonds
Angel Diamonds holds a prospecting license over the Kolo Kimerlite project
in Lesotho. Angel Diamonds has made an application to obtain a mining
license in respect of the Kolo Kimerlite project.
5 Rationale for the disposal
The disposal of Thabex`s interest in Angel Diamonds will facilitate Mantle
to have an equity interest in Angel Diamonds and one member on the board.
This will improve corporate governance and the management of the Kolo
Kimberlite project
6 Application of disposal consideration
The disposal consideration will be used towards working capital
requirements of the Company and to undertake further prospecting at the
Monastery Mine and to compile a new Competent Person`s Report for Salt
River Resources Limited.
7 Conditions Precedent
The Agreement is not subject to any conditions precedent.
8 Pro forma financial effects
The Pro Forma financial effects of the Disposal will be made available to
shareholders as soon as the Reviewed Provisional Group Results for the year
ended 28 February 2009 have been published on SENS. The Company intends to
publish the Reviewed Provisional Group Results for the year ended 28
February 2009 as soon as possible.
9 Classification of the transaction
The transaction is classified as a Category 2 transaction in terms of the
Listings Requirements of the JSE.
RENEWAL OF CAUTIONARY ANNOUCEMENT
Further to the Renewal of the Cautionary Announcement released on SENS on 10
June 2009, shareholders are advised to continue to exercise caution when dealing
in the Company`s securities until a further announcement in regard to the
Disposal has been made.
Johannesburg
1 July 2009
Sponsor
PSG Capital (Pty) Ltd
Explore our website: www.thabex.com
E-mail: info@thabex.com
Telephone number: 0860 THABEX (0860 842239) or +27 11 459 6600
Date: 01/07/2009 12:14:04 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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