CMO - Amendment to Acquisition Agreement

CHROMETCO LIMITED

(Incorporated in the Republic of South Africa)

(Registration number 2002/026265/06)

Share code: CMO

ISIN: ZAE000070249

(“Chrometco" or “the Company")

 

 

AMENDMENT TO ACQUISITION AGREEMENT

 

Shareholders are referred to the announcement released on SENS on 25 August 2016 wherein the Company announced, inter alia, the acquisition of 51% of Black Chrome Holdings Proprietary Limited (“Black Chrome”) and 25% of Sail Minerals Proprietary Limited (“Sail”) in exchange for 2 205 million Chrometco ordinary shares (“Black Chrome Acquisition”).

 

The Company is pleased to advise shareholders that the Minister of Mineral Resources has in terms of section 11 of the Mineral and Petroleum Resources Development Act, No 28 of 2002 (“MPRDA”) (“Section 11 Approval”) approved the change in control of Umnotho weSizwe Group Proprietary Limited (“UWR”) to Black Chrome.

 

The Company has received a legal opinion advising that Section 11 Approval to effect the change in control of Black Chrome from Grand Slam Enterprises Proprietary Limited (the majority shareholder of Chrometco) to Chrometco, a condition precedent to the issuance of the second tranche of Chrometco shares in the Black Chrome Acquisition agreement, is not required (“Chrometco Section 11”).

Consequently, shareholders are advised that the Company has entered into an addendum to the Black Chrome Acquisition agreement whereby the parties have agreed to waive the condition precedent for the approval of the Chrometco Section 11. Therefore, all remaining conditions precedent to the second tranche of the Black Chrome Acquisition have been met. 

 

The Company is in the process of making application to the JSE for the listing of 1 370 million Chrometco shares.

 

Johannesburg

24 May 2018

 

Designated Advisor

PSG Capital