Petmin Limited - The Sale Of Petmin`s 100% Interes
PET
PET
Petmin Limited - The Sale Of Petmin`s 100% Interest In Baobab To GVM
PETMIN LIMITED
(Previously Petra Mining Limited)
Incorporated in the Republic of South Africa
Registration Number 1972/001062/06
Share Code: PET & ISIN: ZAE76014
("Petmin", "the company" or "the group")
THE SALE OF PETMIN`S 100% INTEREST IN BAOBAB TO GVM
With reference to an announcement by GVM Metals Limited ("GVM") Petmin is
pleased to advise that an agreement has been reached with GVM to acquire
100% of the issued share capital of Baobab Mining & Exploration
(Proprietary) Limited("Boabab"), a subsidiary company of Petmin. Baobab was
acquired as part of the acquisition of Springlake Holdings, previously
announced on 01 December 2005. This disposal is in line with Petmin`s
strategy of focussing on cash or near cash producing assets.
Baobab has an effective 50% interest in the Baobab Joint Venture. The
Baobab Joint Venture holds greenfield`s exploration tenements over soft
coking and steam coal deposits located near Musina in Limpopo Province.
Petmin did not attribute any value to Baobab on acquisition. The purchase
consideration is GBP2,5 million (approximately ZAR 35 million)and will ,
subject to the fulfilment of the conditions precedent referred to below, be
settled in cash.
Conditions precedent
At the date of this announcement, the remaining conditions precedent are as
follows:
* the obtaining of the requisite approvals at a general meeting of
shareholders of GVM to be convened and to be held on or before 31
March 2007 for the Acquisition;
* the requisite approvals of the South African Reserve Bank as are
applicable; and
* the necessary approvals in terms of section 11 of the Mineral and
Petroleum Resources Development ("MPRD") Bill of South Africa by 30
April 2007.
South African Sponsor to Petmin
River Group
Johannesburg
14 December 2006
Date: 14/12/2006 07:01:01 Produced by the JSE SENS Department.
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