SIM - Simmer & Jack Mines Limited - Simmers settles R100 Million of Rand
SIM
SIIF
SIM - Simmer & Jack Mines Limited - Simmers settles R100 Million of Rand
Merchant Bank Loan
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 SETTLES R100 MILLION OF RAND MERCHANT BANK LOAN
On 6 July 2010 shareholders were advised by way of a SENS announcement that,
inter alia, Simmers and Rand Merchant Bank, a division of FirstRand Bank Limited
("RMB") had agreed to restructure the R220 million Bridge Loan to RMB
("Restructured Bridge Loan") following the Company`s decision not to pursue a
proposed rights offer.
In terms of the Restructured Bridge Loan, R100 million inclusive of fees was
payable to RMB by 31 July 2010. Simmers is pleased to announce that the full
amount due to RMB was settled through a combination of issuing a further R55
million JSE Limited listed domestic medium term notes and through the sale of a
portion of its First Uranium secured convertible Rand notes issued by Mine Waste
Solutions (Proprietary) Limited to the value of R64.4 million. Simmers
has a call option over these Rand notes for the next 60 days.
Johannesburg
10 August 2010
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 10/08/2010 12:14:02 Produced by the JSE SENS Department.
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