| THABEX
EXPLORATION LIMITED
Young Lions Exploring Africa
("Thabex" or "the Company")
Explore our website:
www.thabex.com
E-mail:
info@thabex.com
Registration No 1988/000763/06
(Incorporated in the Republic of South Africa)
JSE share code: TBX
ISIN Code: ZAE000013686
THABEX –
OPTION AND SALE OF SHARES AGREEMENT: PLATINEXCO (PTY) LTD
Introduction
On, 16 October
2003, Thabex and its wholly owned subsidiary, Platinexco (Pty) Ltd (“Platinexco”),
have entered into an option and sale of shares agreement (“the Agreement”),
subject to the Listing Requirements of the JSE Securities Exchange South
Africa (“the JSE”), with AIM Resources Ltd (“AIM”).
AIM is a Junior Mining company listed on the Australian Stock Exchange
(ASX Code – AIM) in Sydney, Australia. AIM has entered into a Joint
Venture agreement with a Black Economic Empowerment (“BEE”)
group, which would facilitate the development of the Mokopane Platreef
Project (“the Project”) in terms of Thabex’s BEE strategy
and the Mining Charter.
Terms
of the Agreement
The Agreement
provides for a five-month option period in order for AIM to conduct a
due diligence on the Platinum, Nickel and Copper Indicated Resource of
the Project, on farm Piet Potgietersrust Town and Townlands 44KS in the
Limpopo Province. The Project is held by Platinexco. In terms of the Agreement
the option fee is R55 000 per month escalating in the last two months
to R80 000 and R110 000, respectively. AIM may elect to exercise the option
and purchase 100% of Platinexco from Thabex for R20 million in cash at
any time during the option period.
Benefit
to Thabex and future prospects
Thabex will
utilise the cash from the option payments and the possible exercise of
the option to fund its alluvial diamond exploration activities.
Effects
of the transaction on Thabex
Until the option
is exercised the terms of the agreement has no material effect on the
earnings or net asset value of Thabex.
Should
AIM exercise its option during option period the effect on the earnings
or net asset value of Thabex would be:
| For
the Year ended 28 February 2003 |
|
Before |
After |
% |
| |
|
R
|
R
|
Change |
| (Loss)/income |
|
(9
754 980) |
10
448 576 |
207 |
| Headline
(loss)/income |
|
(412
599) |
14
627 397 |
3
645 |
| Weighted average number of shares in issue |
|
17
006 887 |
17
006 887 |
- |
| (Loss)/earnings
per share (cents) |
|
(57.35) |
61.44 |
207 |
| Headline Earnings/(loss) per share (cents) |
|
(2.43) |
86.01 |
3
645 |
| Weighted average number of shares in issue |
|
17
006 887 |
17
006 887 |
- |
| Net
asset value of Thabex |
|
2
430 420 |
7
918 992 |
226 |
| Net asset value per share (cents) |
|
14.29 |
46.56 |
226 |
| Net tangible asset value per share (cents) |
|
14.29 |
46.56 |
226 |
Conditions
precedent
The agreement is subject to:
-
The application for the renewal of Platinexco’s Prospecting Permit
49/2001 be approved by the Department of Mineral and Energy.
- The approval
by the shareholders of Thabex, in a general meeting, of the disposal of
its entire shareholding in Platinexco.
- The approval of the JSE.
- The approval of the SA Reserve Bank.
Documentation
Full details
of the Agreement, and notice of the general meeting will be contained
in a circular to shareholders, which will be dispatched in due course
if the option is exercised. In the event that option is not exercised
shareholders will be notified accordingly.
Johannesburg
22 October 2003
Sponsor
PSG Capital Ltd
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