GILBOA PROPERTIES LIMITED - TECHNICAL AGREEMENT, FINANCING
ARRANGEMENT AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
GILBOA PROPERTIES LIMITED
(Registration number 1986/004649/06)
("Gilboa" )
Share Code: GLB ISIN No. ZAE 000010286
TECHNICAL AGREEMENT, FINANCING ARRANGEMENT AND WITHDRAWAL OF
CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the further cautionary announcement
published on 5 May 2002 relating to the structure and financing of
the agreement with Seacore Limited ("Seacore") and the previous
announcement published on 20 February 2002 relating to the
acquisition of Industrotech Holdings Limited.
An agreement has now been signed with Bateman Projects Limited to
provide all feasibility, technical, design, project management and
manufacturing services to Gilboa for both the Seacore project and
for other suitable marine mining equipment to be utilised on the
west coast marine mining concessions.
Gilboa has also conferred on the South African Export Development
Fund ("SAEDF") the right to fund, or to arrange further funding of
R29 million.
This funding will be used for the capital and initial operational
expenditure of the infrastructure and mining equipment to recover
diamonds from the target areas of the Namagroen Concession on the
west coast of South Africa, where very encouraging sampling results
have been obtained.
It is not possible to calculate the financial effects of the
agreements as they provide the basis to generate future income, but
Gilboa is confident that the long term prospects and benefits to be
derived from the Bateman`s agreement and the arrangement with SAEDF,
based on current feasibility studies and sampling results, are
promising for shareholders.
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
These agreements finalise the subject of the previous cautionary
announcements.
Accordingly, shareholders are advised that caution is no longer
required when dealing in their Gilboa shares.
Pretoria
28 May 2002
Sponsor
Sasfin Bank Limited
Date: 28/05/2002 03:51:00 PM Produced by the SENS Department
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