Business
Disposal of interest in Auroch Minerals
Disposal of interest in Auroch Minerals.
About this update from Pan African Resources Plc
[{"type":"text","content":"\n \n Pan African Resources PLC \n(Incorporated and registered in England and Wales under Companies Act 1985 with\n registered number 3937466 on 25 February 2000) \n Share code on AIM: PAF \n Share code on JSE: PAN \n ISIN: GB0004300496 \n (\"Pan African\" or the \"Company\") \n\n COMPLETION OF DISPOSAL OF INTEREST IN AUROCH MINERALS NL \n\nPan African shareholders are referred to the announcements published by the\nCompany on 29 August 2012, 14 December 2012 and 26 November 2013, regarding the\ndisposal by Pan African of its interests in the Manica gold exploration project\n(\"Manica\") and Auroch Minerals NL (\"Auroch\").\n\nPan African can confirm that the Company has now completed the disposal of\nits interest in Manica and Auroch, via a deed of mutual settlement with Auroch\n(the \"Transaction\").
\n\n \n\nAuroch has paid Pan African a total amount of AUD850,000 in full and final\nsettlement and to satisfy all of its outstanding obligations, including\nAUD350,000 that was paid to Pan African in the last week.\n\nEven though the total settlement amount is less than the AUD2,000,000\nsettlement amount previously agreed, the Transaction allowed for earlier\npayment and provided completion certainty to Pan African. The conclusion of the\nTransaction further allows Pan African to focus on its core asset portfolio.\n\n \n\n17 November 2014\n\nPan African Resources Enquiries\n\nRon Holding Cobus Loots \n \nPan African Resources PLC Pan African Resources PLC \n \nChief Executive Officer Financial Director \n \nOffice: + 27 (0) 11 243 2900 Office: + 27 (0) 11 243 2900 \n \nPhil Dexter Neil Elliot / Peter Stewart \n \nSt James's Corporate Services Canaccord Genuity Limited \nLimited \n \nCompany Secretary Nominated Adviser and Joint Broker \n \nOffice: + 44 (0)20 7796 8647 Office: +44 (0)207 523 8350 \n \nMatthew Armitt / Ross Allister Sholto Simpson \n \nPeel Hunt LLP One Capital \n \nJoint Broker JSE Sponsor \n \nOffice: +44 (0)020 741 8900 Office: + 27 (0) 11 550 5009 \n \nJulian Gwillim Daniel Thöle \n \nAprio Strategic Communications Bell Pottinger PR \n \nPublic & Investor Relations SA Public & Investor Relations UK \n \nOffice: +27 (0)11 880 0037 Office: + 44 (0) 203 772 2500 \n\nwww.panafricanresources.com\n ","length":4284,"tagName":"div"}]