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WEZ
WEZ
Wesizwe Platinum Limited - General issue of shares for cash
Wesizwe Platinum Limited
(Incorporated in the Republic of South Africa)
(Registration number 2003/020161/06)
JSE code: WEZ & ISIN: ZAE000075859
(the "Company" or "Wesizwe")
GENERAL ISSUE OF SHARES FOR CASH
1. Introduction
At the annual general meeting of the Company held on 25 November 2005,
the requisite majority of Wesizwe shareholders approved an ordinary
resolution authorising the directors to issue shares for cash in
accordance with paragraph 5.52 of the JSE Listings Requirements
("general authority"). In accordance with the general authority the
Company has successfully placed 31 422 493 ordinary shares ("the
placed shares"), equating to 8,8 per cent of the Company"s issued
share capital, with nine institutions raising R63,6 million. The
placed shares have been listed on the JSE as of 5 September 2006 and
rank pari-passu with the existing ordinary shares of the Company.
The proceeds from the placed shares will be used to fund further
exploration, drilling and evaluation of the current drilling programme
of the Pilanesberg project.
The first tranche of 12 200 000 ordinary shares were issued under the
general authority at a price of 215 cents per share, being a 10 per
cent discount to the 30 day Volume Weighted Average Price ("VWAP") on
28 June 2006. The second tranche of 19 222 493 ordinary shares were
issued under the general authority at a price of 203 cents per share,
being a 10 per cent discount to the 30 day VWAP price on 10 August
2006.
2. Financial effects
The table below reflects the unaudited pro forma financial effects of
the above mentioned general issue of shares for cash. The `Before the
issue of shares" figures are based on the audited financial statements
for the year ended 31 December 2005. The `After the issue of shares"
figures have been adjusted to include the increase in cash and net
interest received as a result of the above proceeds from the placed
shares. This non mining taxable income has been subject to the
standard taxation rate of 37%.
RESULTS
Before the After the Variance
issue of issue of
shares shares
Cents Cents (Decrease)
Basic loss 9.30 7.80 -16.14%
Headline loss 9.27 7.77 -16.16%
Net asset value 18.89 34.92 84.86%
Net tangible asset -0.01 0.16 >100%
value
Illovo, Johannesburg
5 September 2006
Investment Bank and Sponsor
(Investec Bank Limited logo) ()
Enquiries
Wesizwe Platinum +27 11 215 2375
Mike Solomon, CEO
Melanie Low, Corporate Affairs Manager
College Hill +27 11 447 3030
Nick Williams +27 83 607 0761
Fred Cornet +27 83 307 8286
www.wesizwe.com
Date: 06/09/2006 11:36:06 AM Produced by the JSE SENS Department
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