SIM
SIIF
Simmers & Jack Mines, - Receives formal South African Reserve Bank approval
SIMMER & JACK MINES, LIMITED
Share code: SIM
ISIN: ZAE000006722
SIMMERS & JACK MINES, LIMITED Receives formal South African Reserve Bank
approval
Further to the announcement by Simmer & Jack Mines, Limited ("Simmers")
dated 16 November 2006, whereby Simmers announced that a preliminary
prospectus had been filed with the securities commissions in each of the
provinces and territories of Canada for the initial public offering ("IPO")
of First Uranium Corporation ("First Uranium"), its proposed uranium and
gold subsidiary, Simmers is pleased to announce that it has received formal
approval for the proposed IPO from the Exchange Control Department of the
South African Reserve Bank ("SARB") based, inter alia, on the following
conditions:
First Uranium obtain a secondary listing on the JSE Limited within 12
months of obtaining approval from the Minister of Finance;
Simmers should continuously hold a controlling interest of no less than 50%
plus 1 share in First Uranium and should Simmers intend to dilute its
shareholding below a controlling 50% plus 1 shareholding interest, then it
should first obtain approval from the Minister of Finance;
Dividend flows should be facilitated by a dividend access trust in South
Africa; and
The capital raised offshore by First Uranium should be invested in South
Africa for its designated projects. Any investment outside of South Africa
requires the prior approval of the SARB.
A copy of the preliminary prospectus is publicly available on SEDAR at
www.sedar.com.
17 November 2006
Ends
Additional Simmers information may be found at www.simmers.co.za
For further information contact:
Gordon Miller
Mobile: +27 82 808 9246
Email: gordon@simmers.co.za
Or
Gail Strauss
Mobile: +27 84 777 4060
Email: gailstrauss@mweb.co.za
Date: 17/11/2006 08:53:06 AM Produced by the JSE SENS Department
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