Results of the Annual General Meeting and General Meeting
09 March 2011
Shareholders are hereby advised that the annual general meeting of Wesizwe shareholders was held earlier today, 9 March 2011, at Glenhove Conference Centre, 52 Glenhove Road, Melrose Estate, Houghton, Johannesburg. Save for Ordinary Resolution Number 2, which was not passed, all the other proposed resolutions included in the notice of annual general meeting posted to shareholders on 11 February 2011, were approved by the majority of shareholders present in person and by proxy.
Shareholders are further advised that all resolutions detailed in the notice of general meeting included in the circular posted to shareholders on 11 February 2011, regarding the total financing solution for the development of the Company’s Core Project (“Proposed Transaction”) provided by Jinchuan Group Limited (“Jinchuan”), China-Africa Development Fund (“CADFund”) and Micawber 809 (Proprietary) Limited (“Micawber”), were approved by the requisite majority of the Company’s Shareholders present or represented at the general meeting of Shareholders held earlier today.
The special resolution authorising the increase in the share capital will be submitted for registration at the Companies and Intellectual Property Registration Office as soon as possible.
Commenting on the results, Arthur Mashiatshidi, CEO of Wesizwe Platinum, said:
“today’s shareholders’ approval marks & significant milestone towards the ultimate finalisation of the Proposed Transaction. All energies are now focused on ensuring that the remaining conditions to the transaction are successfully achieved, which will then enable Wesizwe Platinum to commence full scale construction of its 350,000 ounce a year Frisch-Ledig PGM project.”
The Proposed Transaction is still subject to the fulfilment of the following conditions precedent:
- the Company registering the special resolutions with the Companies and Intellectual Property Registration Office of South Africa;
- the approval of the South African Competition Authorities;
- the approval of the Financial Surveillance Department of the South African Reserve Bank; the SRP exempting JNMC, CADFund and Micawber from complying with the requirements of Rule 8 of the SRP Code;
- all necessary Chinese regulatory approvals having been obtained by Jinchuan and CADFund;
- the Company having delivered to Jinchuan, CADFund a written Black Economic Empowerment plan to the satisfaction of Jinchuan and CADFund;
- the memorandum of association of Micawber having been amended to insert a special condition as contemplated in section 53(a) of the Companies Act; and
- Bakubung Minerals (Pty) Limited providing a letter of commitment to Jinchuan pursuant to which Bakubung Minerals shall grant to Jinchuan a right of first refusal in respect of either (i) all Concentrate produced by the FrischgewaagdLedig Project on market-related terms and conditions, or (ii) all products arising from, or produced by means of, processing or refining the Concentrate, if Jinchuan does not exercise its right of first refusal on the Concentrate;
9 March 2011
Investec Bank Limited
Qinisele Resources (Pty) Limited