Update Disposal of Bushveld Magnetite Iron Ore

RNS Number : 9154D

Sylvania Platinum Limited

23 May 2012

 



Sylvania Platinum Limited

("Sylvania Platinum", "Sylvania" or the "Company")

(AIM: SLP)

Update on conditional agreement for disposal

of Bushveld Magnetite Iron Ore Assets

Further to the Company's announcement on 7 March 2012 in relation to the conditional agreement between the Company and Mercury Recycling Group Plc for the disposal of the Company's iron ore assets located on the Bushveld complex, South Africa ("Transaction") the Directors wish to advise that the parties have agreed to extend the time for completion of the Transaction to 31 July 2012.

As noted in the announcement of 7 March 2012, Mercury is undertaking a placement of shares, the proceeds of which will be used to fund the development of the iron ore assets and for general working capital requirements ("Placement").  Sylvania has been advised by Mercury that the Placement is currently anticipated to be completed shortly, subject to market conditions. Following completion of the Placement the Admission Document will be posted to Mercury shareholders, which is anticipated to take place before the end of June 2012.

In accordance with the terms of the extension agreement and subject to satisfaction of all conditions, completion of the Transaction will occur no later than 31 July 2012.

CORPORATE INFORMATION

Registered office:    Sylvania Platinum Limited

                                    Clarendon House

                                    2 Church Street

                                    Hamilton HM 11

                                    Bermuda

Postal address:         PO Box 524

                                    Wembley WA 6913

                                    Australia

CONTACT DETAILS

South Africa:              Terry McConnachie                            Nigel Trevarthen

(CEO)                                                 (Deputy CEO)

                                    Sylvania Platinum Limited                   Sylvania Platinum Limited

                                    [phone]                              [phone]

                                    Louis Carroll

                                    (Director/Assistant Company Secretary)

                                    Sylvania Platinum

                                    [phone]

Australia:                    Richard Rossiter                                 Grant Button

(Chairman)                                          (Director/Assistant Company Secretary)

Sylvania Platinum Limited                   Sylvania Platinum Limited

[phone]                              [phone]

United Kingdom:       Samantha Harrison                             Martin Eales/James Kelly

                                    RFC Ambrian Limited                         RBC Capital Markets 

Nominated Advisor                              Joint Broker

                                    [phone]                         [phone]

Graham Herring/Beth Harris

                                    Newgate Threadneedle Communications

                                    [phone]

Sylvania Website:     www.sylvaniaplatinum.com

 

END

 

 

MSCSEFSDDFESEII