COMPLETION OF ASSORE’S ACQUISITION OF A 50% INDIRECT INTEREST IN THE DWARSRIVIER CHROME MINE
1 August 2016
Assore shareholders are referred to the announcement released on the Stock Exchange News Service of the JSE Limited on 25 June 2015, in which they were advised that Assore and African Rainbow Minerals Limited (“ARM”) had concluded definitive agreements for Assore’s acquisition of ARM’s 50% indirect interest in the Dwarsrivier Chrome Mine (“Dwarsrivier”), held through Assmang
Proprietary Limited (“Assmang”), for an amount of ZAR450 million (the “Purchase Consideration”) (the “Transaction”).
Assore is pleased to advise that the applicable conditions precedent have been fulfilled and therefore the Transaction has been completed. In accordance with the terms of the Transaction, Assore has, in addition to paying the Purchase Consideration, refunded Assmang an amount of approximately ZAR55 million for additional funding advanced to Dwarsrivier’s operations by Assmang between 1 July 2014, being the effective date of the transaction, and 30 June 2016.