ASSORE LIMITED - Completion of assores acquisition of a 50% indirect interest in the Dwarsrivier Chrome Mine
ASR 201607290025A
Completion of assore’s acquisition of a 50% indirect interest in the Dwarsrivier Chrome Mine
ASSORE LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1950/037394/06
Share code: ASR
ISIN: ZAE000146932
(“Assore”)
COMPLETION OF ASSORE’S ACQUISITION OF A 50% INDIRECT INTEREST
IN THE DWARSRIVIER CHROME MINE
Assore shareholders are referred to the announcement released
on the Stock Exchange News Service of the JSE Limited on 25
June 2015, in which they were advised that Assore and African
Rainbow Minerals Limited (“ARM”) had concluded definitive
agreements for Assore’s acquisition of ARM’s 50% indirect
interest in the Dwarsrivier Chrome Mine (“Dwarsrivier”), held
through Assmang Proprietary Limited (“Assmang”), for an amount
of ZAR450 million (the “Purchase Consideration”) (the
“Transaction”).
Assore is pleased to advise that the applicable conditions
precedent have been fulfilled and therefore the Transaction
has been completed.
In accordance with the terms of the Transaction, Assore has,
in addition to paying the Purchase Consideration, refunded
Assmang an amount of approximately ZAR55 million for
additional funding advanced to Dwarsrivier’s operations by
Assmang between 1 July 2014, being the effective date of the
transaction, and 30 June 2016.
Assore Limited
Assore House
15 Fricker Road
Illovo Boulevard
Johannesburg
29 July 2016
Financial adviser and sponsor to Assore
The Standard Bank of South Africa Limited
Legal adviser to Assore
Norton Rose Fulbright South Africa Inc.
Tax adviser to Assore
Webber Wentzel
Further enquiries:
Alistair McAdam
011 770 6800
Date: 29/07/2016 12:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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