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AFRICAN RAINBOW MINERALS GOLD LIMITED: EXERCISE OF THE UNDERWRITERS` OPTION
NOT FOR DISTRIBUTION OUTSIDE OF SOUTH AFRICA
AFRICAN RAINBOW MINERALS GOLD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/015869/06)
(Share code: AOD ISIN: ZAE000039244)
("ARMgold" or the "Company")
EXERCISE OF THE UNDERWRITERS` OPTION
1. EXERCISE OF THE UNDERWRITERS` OPTION IN TERMS OF THE PRIVATE PLACEMENT
Further to the results announcement published on Thursday, 16 May 2002,
the Board of Directors of ARMgold wish to announce that the joint
underwriters, BoE Merchant Bank, a division of BoE Bank Limited and
RBC Capital Markets have exercised their option to acquire an additional
2 500 000 ordinary shares from the Company at R44 each, as set out in
the Prospectus dated 8 May 2002. The option was exercised solely for the
purpose of covering over-allotments made in connection with the
private placement
It is expected that the 2 500 000 new ordinary shares allotted in terms
of the private placement will be listed on the JSE Securities Exchange,
South Africa ("JSE") with effect from the commencement of trade on the
JSE on Monday, 27 May 2002.
The issued share capital of ARMgold has increased to 95 500 000 ordinary
shares as a result of the exercise of the over-allotment option.
2. GENERAL
This announcement does not constitute an offer to subscribe for
securities in any jurisdiction, including the United States and Canada.
Securities may not be offered or sold in the United States absent
registration or an exemption from registration or in Canada unless
pursuant to a prospectus or a prospectus exemption. Any public offering
of securities to be made in the United States or Canada would be by means
of a prospectus that could be obtained from the issuer or the selling
security holder and that would contain detailed information about the
Company and management, as well as financial statements. However,
no public offering of securities is currently contemplated and,
in particular, the Company does not intend to register any portion of
this offering in the United States or Canada. Copies of these materials
are not being, and should not be, distributed or sent outside of
South Africa, including into the United States or Canada.
Johannesburg
27 May 2002
Corporate Advisor, Joint Lead Manager
and Joint Underwriter
BOE Merchant Bank
A Division of BOE Bank Limited
Co. Reg. No. 1951/000847/06
Sponsor
BoE Securities (Pty) Ltd
Member of the JSE Securities Exchange South Africa
Co. Reg. No. 1995/012240/07
Joint Lead Manager and Joint Underwriter
RBC Capital Markets
Attorneys to ARMgold
Bowman Gilfillan Inc.
Registration number 1998/021409/21
Reporting Accountants and Auditors to ARMgold
PricewaterhouseCoopers Inc.
Chartered Accountants (SA)
Registered Accountants & Auditors
(Registration no. 1998/012055/21)
Independent Technical Advisors
SRK Consulting Engineers and Scientists
Steffen, Robertson and Kirsten (South Africa) (Pty) Ltd
Reporting Accountants and Auditors
to the Freegold Assets
Ernst & Young
Chartered Accountants (SA)
(Registered Accountants and Auditors)
Date: 27/05/2002 07:00:02 AM Produced by the SENS Department
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