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Chrometco Limited - Abridged Prospectus
Chrometco Limited
(previously known as `Sweet Equity Investments (Proprietary)
Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2002/026265/06)
(JSE Code: CMO ISIN: ZAE000070249)
(`Chrometco` or `the company`)
ABRIDGED PROSPECTUS
Listing of Chrometco ordinary shares (`shares`) on JSE
Limited (`the JSE`).
Investors are advised that the risks of investing in a
mining exploration company are high and investors are warned
that investing in such companies is speculative in nature.
Shareholders are advised that the JSE does not guarantee the
viability or the success of a mining exploration company
listed on the JSE-Mining Sector.
1. INTRODUCTION
CHROMETCO is a chrome exploration company that intends to
explore and if viable subsequently develop a chrome mine for
Ferro-Chrome. The company also intends to investigate other
chrome and other base metal properties for exploration
purposes and will also research and investigate business
development opportunities in the field of mining,
concentrating and beneficiating ferrous metals and their
ores, in particular, chrome, copper, cobalt, nickel and
manganese.
2. NATURE OF BUSINESS
CHROMETCO holds title to the chrome rights to Portion 2 of
the farm Rooderand 46 JQ, located on the north-west flank of
the Pilanesburg intrusion. Korpo Trust (Pty) Ltd is the
registered owner of the chrome mineral rights on Portion 2
of Rooderand. Chrometco has purchased the company Korpo
Trust (Pty) Ltd in terms of an acquisition agreement and is
now the sole shareholder thereof. It was confirmed by the
DME`s office that CHROMETCO holds a `used old order right`.
CHROMETCO has had to enter into a joint venture agreement
with the company Pilanesberg Mining Co (Pty) Ltd as this was
the only way to legally and exclusively gain access to the
current valid `old order` mining license on Portion 2 of
Rooderand 47 JQ. Pilanesberg Mining Co (Pty) Ltd holds a
valid current mining license to mine the minerals held by
Chrometco`s subsidiary Korpo, being the Korpo mineral rights
on Portion 2 of Rooderand 47 JQ. The substance of the joint
venture agreement is that Chrometco controls 100% of the
mining license for its exclusive use until the licence is
renewed, at which time it will be renewed into the relevant
Chrometco subsidiary.
The company expects the bankable feasibility study with
regard to the LG6 seam to be completed within 8 months from
listing.
3. PROSPECTS
Copper, Cobalt, Nickel and Manganese
The board is currently reviewing several projects and
opportunities in the above metals which appear to have a
very good potential of being brought to account in due
course. These opportunities and/or projects are mostly
beneficiation projects and are currently in a very early
stage of investigations and are secondary to the main
business of the company, being as described above, that of
Chrome exploration and possible future mine development.
4. Summary of financial information
Financial Information
for the years ended 28
February
Audited Reviewed
2005 2004
R R
Turnover 172 316 -
Operating loss (843 720) (124 236)
Attributableloss (857 558) (124 236)
Headline loss per share (cents) (1.08) (0.14)
Loss per share (cents) (0.89) (0.14)
Price:Earnings ratio on N/A N/A
subscription price of 125 cents
(times)
Earnings yield on subscription N/A N/A
price (%)
Net asset value per share 0.77 0.51
(cents)
Net tangible asset value per (1.17) 0.51
share (cents)
Number of shares in issue 133 520 000 91 300 000
Weighted average number of 96 493 601 90 108 767
shares in issue
5. DIRECTORS, COMPANY SECRETARY AND REGISTERED OFFICE
The full names, ages occupation and business addresses of
the directors of Chrometco are outlined below:
Director Age Occupation Business address
Edward Bramley 36 Managing Office 8
Director Morgenster
Building
3 Main Road,
Irene
Mike Godfrey Saner 60 Chairperson 105 Sixth
and Geologist Street, Linden
Johannesburg
Josef Adam Johannes De 35 Financial Woodhill Park
Beer Director Centre, St
Bernard Street,
Pretoira
Bruce Alexander 52 Businessman 19 Stirling
Williamson Road, Hurlingham
Johannesburg
All directors are South African citizens
The Company secretary and registerd office of Chrometco are:
River Sponsors (Proprietary) Limited
Office 8 Morgenster Building
3 Main Road
Irene, 0062
(PO Box 460, Irene, 0062)
6. The placement
A private placing of 17 600 000 ordinary shares will be
privately placed with business associates of CHROMETCO,
institutional investors and selected clients of the Sponsor.
7. Details of the placing
Ordinary shares to be issued 17 600 000
Offer price per share (cents) 125
Total shares in issue after completion
of the placing 158 000 000
Amount to be raised in terms
of the placing before expenses (Rand) 22 000 000
8. Important dates and times 2005
Placing commences at 09:30 on Friday, 15 July
Placing closes at 12:00 on Friday, 22 July
Anticipated listing date on Thursday, 28 July
Posting of share certificates in
respect of certificated shareholders
on or about Thursday, 28 July
Dematerialised shareholders will
have their acccounts at their CSDP or
broker credited with their shares Thursday, 28 July
Note:
These dates are subject to change at the discretion of the
company. Any changes will be released on SENS.
9. LISTING ON THE JSE
The JSE has approved the listing of 158 000 000 shares on
the Other Mineral Extractors and Mines Sector of the JSE
main board list. The offer has not been underwritten and
the minimum subscription which must be raised in terms of
this prospectus is R17 000 000. The shares will trade under
the abbreviated name `CHROMETCO` and the JSE code `CMO.`
10. COPIES OF THE PROSPECTUS
Copies of the prospectus, in English, may be obtained any
time during normal business hours, prior to the closing of
the private placement, from the registered office of
CHROMETCO, River Sponsors, and the transfer secretaries,
details of which are set out below:
* The registered office of the company - Office 8 Morgenster
Building, 3 Main Road, Irene, 0062;
* The office of River Sponsors - Parc Nouveau Builing, 225
Veale Street, Brooklyn, Pretoria, 0181
* The office of Computershare Investor Services 2004 (Pty)
Ltd - Ground Floor, 70 Marshall Street, Johannesburg, 2001
Pretoria
15 July 2005
Corporate Adviser
River Group
Sponsor
River Group
Competent Person
Michael G Saner
Reporting Accountant
KPMG Inc
Date: 15/07/2005 07:59:07 AM
Produced by the JSE SENS Department
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