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LONDON,
UNITED KINGDOM--(Marketwire - May 26, 2009) -
African Copper PLC ('ACU') (AIM:ACU)(BOTSWANA:AFRICAN COPPER) -
Zambia Copper Investments Limited
(Registered in Bermuda)
(South African registration number 1970/000023/10)
JSE share code: ZCI & ISIN: BMG988431240
Euronext share code: BMG988431240
Zambia Copper Investments Limited ('ZCI') and African Copper Plc
('ACU')
ACU is pleased to announce that, today it unconditionally paid to the
account of the trustee of the holders of bonds issued by ACU's wholly owned subsidiary Messina Copper
(Botswana) (Proprietary) Limited ("Messina"), BWP
153,091,666.66 (approx. US$20.4 million at an exchange rate of
US$1/BWP7.5), being the full principal amount owing under the bonds
together with accrued but unpaid interest. The trustee for the
bondholders had previously issued a notice calling for the redemption
of bonds.
In addition, ACU today paid BWP 15,659,389.64 (approx. US$2.1million)
to the account of Natasa Mining Limited's
Botswana solicitors being the aggregate amounts, less certain
deductions in relation to some disputed claims, owing to Natasa as a result of debts of Messina's trade
creditors acquired by Natasa. ACU has also
paid Natasa's solicitors US$1.505m being the
amount required to repay Natasa's original
bridge loan to ACU together with interest.
ACU believes that virtually all of the claims of Natasa
against ACU and any of its subsidiaries that were identified in its
petition for the provisional liquidation of Messina have now been
satisfied in full. With remaining proceeds in hand from the previously
announced financing package provided by Zambia Copper Investments
Limited ACU considers that it would be inappropriate for any remaining
disputes in relation to monies owed by ACU or its subsidiaries to be
determined in insolvency proceedings and that the liquidation petition
should be dismissed. Small creditors will still be repaid in full in
cash from the proceeds of the previously announced financing package as
their debts become due.
ACU and ZCI look forward to the completion of all outstanding matters,
so that mining operations can recommence, cash can start to flow in
following production and sale, and an exciting future for ACU can begin
in full.
For more information, please contact: ZCI John Kleynhans +35 24 025 05 427 iCapital (Financial Adviser to ZCI) Jordan Soko/ Ken Muyangwa +260 211 256 657 Canaccord Adams Limited (Financial Robert Finlay/ Mike Jones/ Adviser to ZCI) Andrew Chubb +44 207 050 6500 Bridge Capital Advisors (Pty) Limited (Sponsors to ZCI) Pieter Veldtman/ Zayd Laher +27 (0) 11 268 6231 College Hill (Public Relations adviser to ZCI) Paddy Blewer (UK) +44 207 457 2020 Jacques de Bie (SA) +27 (0) 11 447 3030 African Copper PLC Chris Fredericks/ Brad Kipp +27 (11) 467 2360/ (416) 847 4866 Numis Securities John Harrison (Nominated Advisor)/ Limited James Black (Corporate Broker) +44 (9) 20 7260 1000
About ZCI
ZCI is a Johannesburg Stock Exchange ('JSE') and Euronext
(Paris) listed, Bermuda incorporated, mining investment company. ZCI
previously owned 65 per cent. (subsequently
sold down to 28 per cent. in 2005) of the Konkola
Copper Mine ('KCM') in Zambia but sold its residual stake in 2008 and
is looking to invest in Africa-based mining companies.
About ACU
ACU is an international exploration and development company
incorporated in England and Wales and tri-listed on the AIM market of
the London Stock Exchange and the Botswana Stock Exchange. ACU is
involved in the exploration and development of copper deposits in
Botswana and is currently developing its first copper mine at the Mowana Mine and holds permits in exploration
properties at the Matsitama Project. The Mowana Mine is located in the northeastern
portion of Botswana and the Matsitama Project
is contiguous to the southern boundary of the Mowana
Mine.
Canaccord Adams Limited, which is authorised
and regulated by the Financial Services Authority (the 'FSA'), is
acting exclusively for ZCI and no-one else in relation to the
transactions referred to in this announcement (the
"Transactions") and will not be responsible to any person
other than ZCI under the Financial Services and Markets Act 2000, the
rules of the FSA or otherwise for providing the protections afforded to
its clients or for any matter concerning the Transactions or for
providing advice in relation to the Transactions or in relation to the
contents of this announcement or any other transaction, arrangement or
matter referred to herein. Canaccord Adams
Limited can be contacted at Cardinal Place, 7th Floor, 80 Victoria Street, London SW1E 5JL.
Numis Securities Limited, which is authorised
and regulated by the FSA, is acting exclusively for ACU and no-one else
in relation to the Transactions and will not be responsible to any
person other than ACU under the Financial Services and Markets Act
2000, the rules of the FSA or otherwise for providing the protections
afforded to its clients or for any matter concerning the Transactions
or for providing advice in relation to the Transactions or in relation
to the contents of this announcement or any other transaction,
arrangement or matter referred to herein. Numis
Securities Limited can be contacted at The London Stock Exchange
Building, 10 Paternoster Square London EC4M 7LT.
The release, publication or distribution of this announcement into
certain jurisdictions other than the United Kingdom and Canada may be
restricted by law and therefore persons in such jurisdictions into
which this announcement is released, published or distributed should
inform themselves about and observe any such restrictions. Any failure
to comply with any such restrictions may constitute a violation of the
securities laws or regulations of such jurisdictions.
This press release contains forward-looking information. All
statements, other than statements of historical fact, that address
activities, events or developments that may occur in the future are
forward-looking information. Forward-looking information is subject to
a number of risks and uncertainties that may cause the actual results
of ACU to differ materially from those discussed in the forward-looking
information, and even if such actual results are realized or substantially
realized, there can be no assurance that they will have the expected
consequences to, or effects on, ACU. Factors that could affect the
Transactions (and ACU's future viability as a
going concern) include the failure to defend a petition that has been made
by Natasa Mining Limited for the provisional
liquidation of Messina Copper (Botswana Proprietary) Limited. All
forward-looking information speaks only as of the date hereof and,
except as may be required by applicable securities laws, ACU disclaims
any intent or obligation to update any forward-looking information,
whether as a result of new information, future events or results or
otherwise. Although ACU believes that its expectations reflected in the
forward-looking information, as well as the assumptions inherent
therein, are reasonable, forward-looking information is not a guarantee
of future performance and, accordingly, undue reliance should not be
put on such information due to the inherent uncertainty therein.
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