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Petra Mining Limited
(Incorporated in the Republic of South Africa)
(Registration number 1972/001062/06)
(Share Code PET; ISIN ZAE 000010237)
("Petmin" or "the company")
FURTHER ANNOUNCEMENT REGARDING THE DISPOSAL BY PETMIN OF ITS GOLD MINING
ASSETS AND FURTHER CAUTIONARY
1. INTRODUCTION
Further to the cautionary announcement dated 20 June 2002 and the
announcement dated 15 July 2002 which detailed the transaction in terms
of which Petmin will dispose of the total issued share capital of, and
all loan accounts against Petmin`s subsidiary Petrex (Proprietary)
Limited, Riverbank Corporate Finance Limited is authorised to announce
that the parties have agreed to reschedule certain important dates in
respect of the transaction as a result of unforeseen delays encountered
with regard to the fulfillment of certain conditions precedent.
2. CIRCULAR TO SHAREHOLDERS AND SALIENT DATES
As a result of these delays, the circular to shareholders containing
full details of the disposal and convening a general meeting of
shareholders to vote on the transaction will only be posted on or about
5 September 2002, and will contain the following salient dates, which
are subject to amendment by the JSE Securities Exchange South Africa.
Any change in these dates will be published on SENS and in the press:
2002
Last day to lodge form of proxy for the
general meeting, by 10:00 Monday, 23 September
General meeting at 10:00 Thursday, 26 September
Results announcement of the general meeting
published on SENS Thursday, 26 September
Results announcement of the general meeting
published in the press Friday, 27 September
3. PAYMENT OF THE SPECIAL DIVIDEND
The special cash dividend in respect of R12 000 000 (or 15 cents per
Petmin share) that was announced on 15 July 2002 and declared on 15 July
2002 will be paid on 2 September 2002, as per the special dividend
announcement made on 15 July 2002.
4. APPROVAL OF THE COMPETITION COMMISSION
The approval of the Competition Commission has been obtained.
5. CONDITIONS PRECEDENT
The transaction now remains subject only to the following conditions
precedent, which must be fulfilled by the new due dates indicated below:
- The completion of the due diligence investigation by 30 August
2002;
- The Purchaser providing a commitment letter from its bankers in
respect of a portion of the purchase consideration by 30 August 2002;
- The issue of a new water pumping license by the Department of Water
Affairs and Forestry in respect of Grootvlei No 3 Shaft by 30 September
2002;
- The remaining regulatory approvals, including the approvals of the
SRP, JSE, South African Reserve Bank and the TSX Venture Exchange in
Toronto, to be obtained by 30 September 2002; and
- Approval by the shareholders of Petmin in general meeting to be
obtained by 30 September 2002;
6. EXPECTED CLOSING DATE AND FURTHER CAUTIONARY
The expected closing date in respect of the transaction remains 30
September 2002. Shareholders are accordingly advised to continue to
exercise caution in dealing in their Petmin securities until a further
announcement is made.
Pretoria
26 August 2002
Date: 26/08/2002 05:43:13 PM Produced by the JSE SENS Department
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