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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 6 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%.
This information is the responsibility of directors of Wesizwe.
The unaudited pro forma financial effects are provided for illustrative purposes
only and, because of their pro forma nature, the unaudited financial effects may
not give a fair reflection of Wesizwe"s financial position after the general
issue shares for cash.
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
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 12:10:07 PM Produced by the JSE SENS Department
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