| Wed 24 Nov 2010, 14:54 | | MTX - Metorex Limited - Update on the proposed re-capitalisation and disposal by |
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MTX
MEMTX
MTX - Metorex Limited - Update on the proposed re-capitalisation and disposal by
Metorex of the consolidated murchison operations , a division of Metorex
Metorex Limited
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
Share code: MTX
ISIN: ZAE000022745
Issuer code: MEMTX
("Metorex")
UPDATE ON THE PROPOSED RE-CAPITALISATION AND DISPOSAL BY METOREX OF THE
CONSOLIDATED MURCHISON OPERATIONS ("CONS MURCH"), A DIVISION OF METOREX
Shareholders are referred to the SENS announcement dated 6 September 2010 ("the
Announcement") in which shareholders were informed that Metorex had entered into
a sale of business agreement ("the Agreement"), with, inter alia, To The Point
Growth Specialists (Proprietary) Limited ("TTP"), subject to certain suspensive
conditions, to dispose of Cons Murch ("the Transaction") and the subsequent SENS
announcements made by Village Main Reef Gold Mining Company (1934) Limited
("Village") dated 7 October 2010 and 24 November 2010.
Shareholders are advised that Metorex and TTP have entered into an addendum to
the Agreement whereby the envisaged TTP Equity Contribution will now initially
take the form of a loan to Cons Murch Mine, which loan will convert to equity on
the Part A closing date (as referred to in paragraph 3.1 of the Announcement")
("TTP Loan"), being the 3rd (third) business day after all Part A suspensive
conditions are fulfilled or waived, as the case may be.
Metorex also wishes to advise that, in order to allow Village sufficient time to
comply with the regulatory requirements arising from its transaction with TTP,
the dates of the suspensive conditions for the receipt of the TTP Loan and the
provision of the TTP Undertaking (as defined in paragraph 2 of the Announcement)
have been extended by mutual agreement from 30 November 2010 to 31 January 2011.
Accordingly, the date by which Metorex must transfer a maximum of R15 million to
the Metorex rehabilitation fund in respect of Cons Murch has also been extended
from 30 November 2010 to 31 January 2011.
Johannesburg
24 November 2010
Corporate Advisor: One Capital
Attorneys: Bowman Gilfillan Inc.
Sponsor: Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 24/11/2010 14:54:00 Produced by the JSE SENS Department.
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