Johannesburg - Gold One International [JSE:GDO] has received Section 11 approval from the SA Department of Mineral Resources for its proposed $250m cash offer for 100% of Rand Uranium.
This approves the change of control of the mineral rights associated with Rand Uranium to Gold One, the company said on Friday.
The last outstanding condition to the conclusion of the acquisition relates to the successful raising of at least $150m by Gold One either pursuant to its financing arrangements with Investec Bank or from another debt or equity financing source, including through the minimum A$150m capital injection into Gold One resulting from a consortium, through BCX Gold Investment Holdings Limited, subscribing for shares in Gold One as part of the transaction announced by Gold One on 16 May 2010. Gold One currently expects this condition to be fulfilled in early 2012.
Gold One took over daily management of the Cooke Underground Operations and Randfontein Surface Operations during September 2011. A complete replanning exercise for the Cooke Underground Operations, incorporating Gold One's turnaround strategy, is being undertaken.
The company is currently also completing its annual budgeting cycle for the Modder East Operations. It will provide further details about this in a production update that it expects to be in a position to release in early 2012.
Gold One President and Chief Executive Officer Neal Froneman commented: "I am delighted that we have been able to make significant progress on these outstanding commitments before the end of the calendar year. This ensures shareholders wishing to invest in Gold One have a clearer picture of what the new Gold One will look like. We look forward to rewarding our existing and new shareholders in a similar way as we have done thus far."
This approves the change of control of the mineral rights associated with Rand Uranium to Gold One, the company said on Friday.
The last outstanding condition to the conclusion of the acquisition relates to the successful raising of at least $150m by Gold One either pursuant to its financing arrangements with Investec Bank or from another debt or equity financing source, including through the minimum A$150m capital injection into Gold One resulting from a consortium, through BCX Gold Investment Holdings Limited, subscribing for shares in Gold One as part of the transaction announced by Gold One on 16 May 2010. Gold One currently expects this condition to be fulfilled in early 2012.
Gold One took over daily management of the Cooke Underground Operations and Randfontein Surface Operations during September 2011. A complete replanning exercise for the Cooke Underground Operations, incorporating Gold One's turnaround strategy, is being undertaken.
The company is currently also completing its annual budgeting cycle for the Modder East Operations. It will provide further details about this in a production update that it expects to be in a position to release in early 2012.
Gold One President and Chief Executive Officer Neal Froneman commented: "I am delighted that we have been able to make significant progress on these outstanding commitments before the end of the calendar year. This ensures shareholders wishing to invest in Gold One have a clearer picture of what the new Gold One will look like. We look forward to rewarding our existing and new shareholders in a similar way as we have done thus far."