31 August 2012
The Manager
Company Announcements
Australian Securities Exchange
Exchange Plaza
2 The Esplanade
PERTH WA 6000
Nkwe Platinum Limited ("Nkwe" or the "Company") provides the
following corporate update in respect of the security lending
agreement involving Genorah Resources and its majority
shareholding in the Company.
Nkwe, Genorah Resources and Gleneagles Securities have
entered into a binding terms sheet which provides, amongst
other things, for a 45 day stand still on the sale of any of
Genorah's shares in the Company. Further Genorah have advised
Gleneagles that they have secured financing in South Africa
to pay back the outstanding loan (circa $2.8m) in the next
10-20 days irrespective of the stand still in place.
More importantly the terms sheet sets down the parameters for
a transaction moving forward subject to various conditions
precedent being satisfied over the next 4-6 weeks. The
transaction would see a major South African based entity
acquire a significant stake of Genorah's shares in Nkwe at
$0.20 per share. Nkwe would then, subject to all necessary
approvals, look to acquire for equity the remaining 26% BEE
interest in its Projects as part of a dual listing on the
Johannesburg Stock Exchange.
The Company will be in a position to fully disclose all
details of the proposed transaction once key aspects have
been finalised. Moving forward the Company will, should the
transaction be completed, have new corporate and operational
management and seek to commence development of the Garatau
PGM Project.
Shareholders need to be aware that this transaction is
subject to a number of condition precedents and there is no
guarantee of its completion at this point in time.
Yours sincerely
Peter Landau Executive Director Tel: +61 8 9488 5220
Em: plandau@nkweplatinum.com
Ground Floor, 1 Havelock Street
West Perth WA 6005
Australia
PO Box 684
West Perth WA 6872
Australia
Tel: +61 (0)8 9488 5220
Fax: +61 (0)8 9324 2400
NKWE PLATINUM LIMITED ARBN 105 979 646
REGISTERED OFFICEClarendon House
2 Church Street
Hamilton HM11
PO Box HM666
Hamilton HMCX BERMUDA
NKWE PLATINUM LIMITEDBermuda Regn Number 32747
Web: www.nkweplatinum.com
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