Statement re Clarification of Rights Offer
Pan African Resources PLC
(Incorporated and registered in England and Wales under Companies Act 1985
with registered number 3937466 on 25 February 2000)
AIM Code: PAF
JSE Code: PAN
ISIN: GB0004300496
ISIN for Nil Paid Rights: GB00B85FJG40 (JSE Code: PANN)
ISIN for Fully Paid Rights: GB00B8RCBP62
("Pan African" or "Company")
CLARIFICATION ANNOUNCEMENT WITH RESPECT TO A STATEMENT CONTAINED IN THE
DOCUMENT PERTAINING TO THE PAN AFRICAN RIGHTS OFFER ("RIGHTS OFFER")
Pan African shareholders ("Shareholders") are referred to the prospectus (as
required by the U.K. Prospectus Rules) and pre-listing statement (as envisaged
in the JSE Limited Listings Requirements) of the Company prepared in respect of
the Company's Rights Offer, which was published on 3 December 2012 (the "
Document").
Shareholders are advised that the third sentence of section 2 of Part 1,
entitled "Rationale for the Evander Acquisition", included on page 37 of the
Document, should read as follows:
"Upon completion of the Transaction, the Group will increase its reserves from
1.16 Moz (11.34 Mt @ 3.18 g/t) to 8.82 Moz (39.55 Mt @ 6.94 g/t) and its
resources from 2.95 Moz (17.15 Mt @ 5.35 g/t) to 31.66 Moz (126.7 Mt @ 7.77 g/
t), excluding, in both instances, all surface sources at Evander."
Similarly, Shareholders are advised that the data contained in the table
included under section 7 of Part 2, entitled "Summary of the Enlarged Group's
gold resources and reserves statements", included on page 46 of the Document
excludes all surface sources at Evander.
10 December 2012
Transaction Sponsor to the Rights Offer
One Capital
Independent Sponsor to the Rights Offer
Nedbank Capital
Enquiries
South Africa UK
Pan African Resources Canaccord Genuity Limited - Nomad and
Joint Broker
Jan Nelson, Chief Executive Officer Rob Collins / Peter Stewart / Sebastian
Jones / Joe Weaving
+27 (0) 11 243 2900 +44 (0) 20 7523 8350
One Capital finnCap Limited - Joint Broker
Sholto Simpson / Megan Young Elizabeth Johnson / Joanna Weaving
+27 (0) 11 550 5000 +44 (0) 20 7220 0500
Vestor Investor Relations St James's Corporate Services Limited
Louise Brugman Phil Dexter
+27 (0) 11 787 3015 +44 (0) 20 7499 3916
+27 83 504 1186
Gable Communications
Justine James
+44 (0) 20 7193 7463 / +44 (0) 7525 324431
For further information on Pan African, please visit the website at
www.panafricanresources.com
Canaccord Genuity Limited, which is regulated in the United Kingdom by the
Financial Services Authority, is acting exclusively for Pan African Resources
PLC, as nominated adviser and broker to Pan African Resources PLC, and for no
one else in connection with the matters referred to in this announcement.
Canaccord Genuity Limited will not be responsible to anyone other than Pan
African Resources PLC for providing the protections afforded to customers of
Canaccord Genuity Limited or for providing advice in relation to the matters
referred to herein.
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