Trust
MAZAL MINING & EXPLORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013468/06)
Share Code : MZL ISIN
Code code : 00017711
("Mazal" or "the Company")
CANCELLATION OF AGREEMENTS WITH THE 57 TRUST
Further to the announcement on SENS and in the press on 22 November 2001,
the circular dated 12 December 2001 and the results of the Extraordinary
General Meeting held on 8 January 2002, shareholders are advised that the
purchase agreement and marketing agreement concluded between Mazal, Mazal
Mining (Proprietary) Limited and The 57 Trust have by mutual agreement been
cancelled.
In terms of the original purchase agreement, The 57 Trust was to be issued
with Mazal shares for a cash injection of R9.45 million. The shares were to
be issued on a pro rata basis in line with payment received, at an issue
price of 27 cents per share.
To date 23 384 981 shares were allotted and issued for a purchase
consideration of R6 313 445, as follows:
- 11 806 018 shares, in accordance with a general authority, on 6 December
2001;
- 6 193 982 shares, under general authority, on 15 February 2002; and
- 5 384 981 shares, by means of a specific issue of shares for cash, on 15
February 2002.
No restitution will take place and The 57 Trust will continue to hold the
equity that it purchased in Mazal, namely the 23 384 981 shares.
The 57 Trust's nominee to the Board of Mazal has also been called upon to
resign as a director.
The Company and Mazal Mining (Proprietary) Limited foresee no prejudice
arising by virtue of this cancellation.
Johannesburg
15 March 2002
Sponsor
BoE Securities (Pty) Limited
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