Petra Mining Limited - Disposal And Further Cautio
Petra Mining Limited - Disposal and Further Cautionary
FURTHER ANNOUNCEMENT REGARDING THE DISPOSAL BY PETMIN OF ITS GOLD MINING ASSETS
AND FURTHER CAUTIONARY
1. FULFILMENT OF FURTHER CONDITIONS PRECEDENT
Further to 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, and the
subsequent announcement dated 26 August 2002 regarding the rescheduling of
certain important dates in respect of the transaction, Riverbank Corporate
Finance Limited is authorised to announce that:
* The Purchaser has now provided Petmin with the required formal notice
confirming the satisfactory completion of the due diligence investigation;
and
* The Purchaser has now provided Petmin with the required commitment letter
from its bankers in respect of a portion of the purchase consideration; and
* The approval of the SRP has been obtained
2. CIRCULAR TO SHAREHOLDERS AND SALIENT DATES
In view of the abovementioned conditions precedent having been fulfilled by the
due date, the circular to shareholders containing full details of the disposal
and convening a general meeting of shareholders to vote on the transaction will
be posted on or about 9 September 2002, and will contain the salient dates set
out in the announcement dated 26 August 2002 as expected.
6. REMAINING CONDITIONS PRECEDENT
The transaction now remains subject only to the following conditions precedent:
* The remaining regulatory approvals, including the approvals of the JSE,
South African Reserve Bank and the TSX Venture Exchange in Toronto, to be
obtained by 30 September 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;
* Approval by the shareholders of Petmin in general meeting to be obtained by
30 September 2002.
4. 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
2 September 2002
Date: 02/09/2002 05:15:00 PM Produced by the JSE SENS Department
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