Notice of trading of new Northam and Mvela Resources ordinary shares and Booysendal Transaction update
- Published on 19 August 2008
Further to the joint announcement on 8 July 2008 regarding an update on Booysendal Transaction ("the Transaction"), shareholders of Mvela Resources and Northam are advised that implementation of the Transaction has commenced as follows:
- Mvela Resources will take delivery of 53.1 million Northam shares from Anglo Platinum Limited on 20 August 2008;
- 121 million new Northam ordinary shares will be allotted and issued to Mvelaphanda Equity (Proprietary) Limited, a wholly-owned subsidiary of Mvela Resources. Application for the listing of these shares has been made to the JSE Limited(“JSE”) and the listing is expected to commence on 20 August 2008;
- 3.58 million new Mvela Resources ordinary shares have been allotted and issued to a subsidiary of Afripalm Resources(Proprietary) Limited and were listed on the JSE Limited on 15 August 2008;
- The first 50% of the Booysendal Platinum Project (“Booysendal”), will be transferred to Northam on 20 August 2008 and the remaining 50% will be pledged and held in escrow by Northam pending conversion of the Old Order Mining Title.
Application for the conversion of the Old Order Mining Title covering nine of the eleven Booysendal farms, and for the grant of Mining Title over the remaining two farms presently held under New Order Prospecting Rights, has been lodged with the Department of Minerals and Energy and is currently being processed.
On the grant of the New Order Mining Rights, the implementation will be complete. Shareholders of Mvela Resources and Northam will be advised in due course.
19 August 2008
Sponsor to Mvela Resources
J.P. Morgan Equities
Sponsor to Northam
Barnard Jacobs Mellet Corporate Finance (Pty) Limited