SIM - Simmer & Jack Mines Limited - Simmers to consider alternatives to rights
SIM
SIIF
SIM - Simmer & Jack Mines, Limited - Simmers to consider alternatives to rights
issue; further cautionary announcement
Simmer & Jack Mines, Limited
(Incorporated in the Republic of South Africa)
(Registration number 1924/007778/06)
Share code: SIM ISIN Code: ZAE000006722
("Simmers" or "the Company")
SIMMERS TO CONSIDER ALTERNATIVES TO RIGHTS ISSUE; FURTHER CAUTIONARY
ANNOUNCEMENT
Simmers has announced on SENS on 28 April 2010 and in the press on 29 April 2010
its intention to proceed with a rights offer of R360 million secured convertible
redeemable bonds in Simmers ("Rights Offer").
Shareholders are advised that the Simmers Board is currently investigating
alternative solutions to the proposed Rights Offer, including the listing and
sale of part of the R463.9 million (C$62.7 million) secured convertible bonds
issued by Mine Waste Solutions (Proprietary) Limited ("Rand FIU Notes")
purchased as part of the First Uranium Corporation recapitalisation programme.
The listing and potential sale of a portion of the Rand FIU Notes is being
considered solely for the purpose of raising capital and to limit dilution of
Simmers shareholders.
The Simmers Board has mandated Sovereignty Capital to act as advisers for the
sale of the Rand FIU Notes.
Further cautionary announcement
Simmers expects to have reached a decision relating to the manner in which it
will raise funds on or around 22 June 2010, whereafter a further announcement
will be made. Shareholders are accordingly advised to continue to exercise
caution when dealing in the Company`s shares until a further announcement is
made.
Johannesburg
4 June 2010
Sponsor
RAND MERCHANT BANK, A DIVISION OF FIRSTRAND BANK LTD
Date: 04/06/2010 08:00:01 Produced by the JSE SENS Department.
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