Sallies Fundraising Exercise Far Exceeds Target
SALLIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1903/001879/06)
JSE share code: SAL
ISIN: ZAE000022588
("Sallies")
SALLIES FUNDRAISING EXERCISE FAR EXCEEDS TARGET
Johannesburg, 24 February 2004 - Fluorspar miner Sallies today announced that it
had succeeded in placing the unallocated balance of some 66% of the shares from
its recent rights offer and was issuing a further 26 million shares (equivalent
to 19% of the rights offer total) to meet continuing investor demand for its
paper.
The fundraising exercise - primarily intended to finance the expansion of
production capacity at Sallies" Witkop mine - has now realised more than R36
million, well over its target of R30 million. The additional funds will be used
to strengthen Sallies" balance sheet.
"Following the rights offer we went on a roadshow to place the unallocated
shares and we found significant interest in and support for our turnaround
strategy for Sallies among institutional as well as individual investors," said
executive director Lindsay Robertson.
"The proceeds of the rights offer have enabled us to start with the expansion
and upgrade of the Witkop metallurgical plant and we expect this to be completed
by May, upping production capacity by 50%. We"ve already taken firm orders for
the enlarged production."
For further information contact:
EXECUTIVE DIRECTORS
Lindsay Robertson on (011) 268-5700 or 082 807 7709
Alastair Moffat on (011) 268-5700 or 082 800 6937
Issued by du Plessis Associates on behalf of Sallies Limited. dPA contact Kathy
du Plessis on Tel : +27 11 728 4701, Fax: +27 11 728 2547 or e-mail:
sallies@dpapr.com
Date: 24/02/2004 04:07:07 PM Produced by the JSE SENS Department
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