| Thu 11 Aug 2011, 8:00 | | PET - Petmin Limited - Petmin advisory |
|
PET
PET
PET - Petmin Limited - Petmin advisory
PETMIN LIMITED
Incorporated in the Republic of South Africa
Registration Number 1972/001062/06
Share Code JSE: PET & ISIN: ZAE000076014
Share Code AIM: PTMN
("Petmin" or "the Company")
PETMIN ADVISORY
On 16 May 2011 Petmin Limited (JSE:PET; AIM:PTMN) announced that it had
successfully entered into a transaction with Red Crescent Resources
Limited (RCR) to subscribe for shares in RCR and to subsequently invest
directly in RCR`s Sivas Copper Project in central Turkey.
RCR is a mineral exploration and development company focused on base
metals development in Turkey and listed on the Toronto Stock Exchange in
Canada (TSX: RCB).
In confirmation of the 16 May announcement the Petmin board would like
to make our shareholders aware that RCR published the following
announcement on 11 August 2011.
RED CRESCENT SIGNS DEFINITIVE AGREEMENT WITH PETMIN LIMITED TO ADVANCE
DEVELOPMENT OF SIVAS COPPER PROJECT
- RCR fulfills all Conditions Precedent of the initial MOU with Petmin -
- Petmin farm-in arrangement triggered -
Toronto, Ontario - August 8th, 2011 - Red Crescent Resources Limited
(TSX: RCB), a mineral exploration and development company focused on
base metals in Turkey, today announced that pursuant to its completion
and fulfillment of all the conditions precedent in the initial MOU, it
has signed a definitive agreement (DA) with Petmin Limited, a South
African multi-commodity mining company, following the receipt of
regulatory approvals and successful completion of due diligence
activities. The investment agreement is designed to accelerate the
development of Red Crescent`s Sivas Copper Project.
Under the terms of the investment agreement, which were first disclosed
on May 16th, 2011, Petmin would make an equity investment in Red
Crescent totaling CDN$4.64 million. Petmin subscribed for and was
issued 3,170,000 common shares on May 24th, 2011 as part of the Initial
Subscription. The balance will now follow by August 14th, 2011 under a
separate Subscription Agreement signed in conjunction with the DA. Upon
completion Petmin will have received approximately 9.3 million shares,
each at a price of CDN$0.50, for a 10.1% ownership interest in Red
Crescent Resources Limited.
Petmin will also invest up to a maximum of CDN$17 million in four
conditional tranches over a period of 3.5 years, to earn up to a 37.5%
interest in the Red Crescent controlled joint venture, RCR Quantum AS,
which is responsible for the management and development of the Sivas
Copper Project. The terms of the "farm-in" arrangement are unchanged
and as previously released on May 24th, 2011.
Alan Clegg, a Qualified Person as defined by National Instrument 43-101,
has reviewed and verified the technical information contained in this
release.
Forward-looking statements
The statements made in this press release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual
events or results could differ materially from the Company`s
expectations and projections.
About Red Crescent Resources
Red Crescent Resources (TSX: RCB) is a Turkey-based junior mining
company targeting historically inaccessible areas where no modern
application of exploration techniques or technology has been applied,
with high potential for discovery of significant base metal deposits.
For more information, please visit: www.redcrescentresources.com
For additional information, please contact:
TMX Equicom
Joe Racanelli
416 815 0700 ext 243
jracanelli@equicomgroup.com
Alan Clegg
Red Crescent Resources
Tel: +90 530 662 8964
Tel: +27 82 469 8378
Fax: +90 312 448 2926
aclegg@rcrholding.com.tr
Bradley Doig
Petmin
+27 11 706 1644
+27 82 459 7818
bradley@petmin.co.za
Jonathon Rees
Proof Communication Ltd
+27 76 185 1827
Jonathon@proofcommunication.com
Nominated Adviser and Broker (AIM)
Numis Securities Limited +44 207 260 1000
John Harrison
Sponsor and Corporate Advisor (JSE)
River Group
Andrew Lianos +27 834 408 365
Johannesburg
11 August 2011
Date: 11/08/2011 08:00:33 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.
