Gilboa Properties Limited - Specific Issue Of Shar
Announcement
GILBOA PROPERTIES LIMITED
(Registration number 1986/004649/06)
("Gilboa" or "the Company")
Share Code: GLB ISIN No. ZAE 000010286
SPECIFIC ISSUE OF SHARES AND FURTHER CAUTIONARY ANNOUNCEMENT
Gilboa has reached an agreement with the South African Export Development
Fund ("the Fund") to subscribe for ordinary shares in Gilboa to the value of
R1 000 000. These shares will be issued to the Fund at a price equal to a
10% discount to the weighted average price at which Gilboa shares trade on
the JSE Securities Exchange South Africa, during the thirty trading days
preceding the date of the general meeting of shareholders which will be
called to approve this specific issue of shares ("the specific issue").
The specific issue is subject to:
Gilboa giving the Fund the right to arrange the funding for the manufacture
of the Seawalker marine diamond mining platform as set out in the Gilboa
announcement of 28 December 2001;
Gilboa obtaining shareholders' approval for the specific issue; and
Appropriate agreements being concluded between the parties confirming this
arrangement.
The capital raised by this specific issue will be utilised for further
exploration and trial mining of the Rooiwal Bay target area, which forms
part of the sea concessions 8a, 9a & 8b on the west coast of South Africa
("the Namagroen concessions"). Trial mining commenced on 4 February 2002.
A circular giving details of the specific issue and incorporating a notice
of general meeting will be posted to shareholders within 30 days.
Further cautionary announcement
Shareholders are referred to the announcement published on 28 December 2001
relating to the structure and financing of the agreement with Seacore
Limited. This is still being finalised and shareholders should therefore
continue to exercise caution when dealing in their Gilboa shares until a
further announcement is made in this regard.
Pretoria
5 February 2002
Sponsor
Sasfin Bank Limited
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