Metorex Limited - Metorex Increases Stake In Ruashi
METOREX LIMITED
Share code: MTX
ISIN: ZAE000022745
METOREX LIMITED
Press Release - Wednesday, 8 June 2005
METOREX INCREASES STAKE IN RUASHI
Metorex Limited (`Metorex`) is pleased to announce that it has, with effect from
31 May 2005, increased its interests in Ruashi Holdings (Pty) Limited from 68%
to 76% by exercising Option 1 of the Shareholders Agreement between Metorex and
Sentinelle Global Investments (Pty) Limited (`Sentinelle`). This gives Metorex
an effective 61% interest in the Ruashi Project.
The Option was exercised at a cost of US$3million and paid through the issue of
six million Metorex shares calculated at a 5% discount to the 30 day weighted
average closing price and at the ruling exchange rate at the date of exercising
the option. The board of directors consider this transaction to be at a
significant discount to the valuation of the project.
The second option to acquire a further 8% of Ruashi Holdings (Pty) Limited for
an amount of $4.5million matures on 25 May 2006, which if exercised, will
provide Metorex with an effective 67% interest in the Ruashi project.
ON BEHALF OF THE BOARD OF DIRECTORS OF METOREX LIMITED
A S MALONE
EXECUTIVE CHAIRMAN
Listed: JSE Securities Exchange/LSE (CRESTCo)/ADR:BoNY
For further information visit our website at www.metorexgroup.com, or contact:
CHARLES NEEDHAM
P O Box 2814, Saxonwold, 2132, South Africa.
Tel: +27 11 880 3155
Fax: +27 11 880 3322
e-mail: ir@metorexgroup.com
Date: 08/06/2005 04:00:18 PM
Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
