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Pan African Resources plc's Subsidiary Announces Acquisition Of Evander Gold Mines Limited From Harmony Gold Mining Company Limited

Monday, 3 Dec 2012 02:59am EST 

Pan African Resources plc announced that on November 30, 2012 (General Meeting), all the resolutions necessary for the implementation of: the acquisition of all the shares in and claims against Evander Gold Mines Limited (“Evander”) from Harmony Gold Mining Company Limited ("Harmony") by a wholly owned subsidiary of Pan African (“Transaction”); and the related capital raising by way of a ZAR703 million (GBP51.8 million) rights offer of 370 071 902 new Pan African ordinary shares of 1p each (“Shares”) at ZAR1.90 or 14 pence per share (“Rights Offer”). In addition to the extension of the date of fulfilment for the Eskom Agreement Condition, certain of the payment terms set out in the Agreement have been amended. Pan African was required to pay Harmony an amount of ZAR950 million (or such greater amount as Pan African may elect to pay) (“Deposit”) by no earlier than December 01, 2012 subject to all the conditions precedent to the Transaction, other than the Ministerial Consent Condition, being fulfilled or waived and certain security arrangements being in place. In accordance with the Addendum, Pan African shall now pay Harmony no less than ZAR400 million no earlier than December 14, 2012, subject to certain security arrangements being in place. The remaining portion of the Deposit shall be payable by Pan African to Harmony by no earlier than February 01, 2013, subject to certain additional security arrangements being in place. 

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