Pan African Resources announcement 14 January 2013
PAN AFRICANS RIGHTS OFFER SUBSCRIBED TO THE EXTENT OF 175%
1.

RESULTS OF THE RIGHTS OFFER
Pan African shareholders ("Shareholders") are referred to the Companys ZAR703 million rights offer, to be implemented through the issue of 370,071,902 new Pan African ordinary shares ("Rights Shares") at a subscription price of ZAR1.90 or 14 pence per Rights Share ("Subscription Price") ("Rights Offer").


The Rights Offer closed on Friday, 11 January 2013.

Pan African received subscription applications for a total of 645,898,862 Rights Shares, equating to 175% of the available Rights Shares.

Accordingly, Pan African has successfully raised the full ZAR703 million from the Rights Offer.


Pan African shall apply the Rights Offer proceeds towards the acquisition of Evander Gold Mines Limited.


The details of the Rights Offer take-up are as follows:
Number of Rights Shares % of available Rights Shares
Total Rights Shares available in terms of the Rights Offer 370,071,902 100
Rights Shares subscribed for by following of rights 350,996,361 95
Excess Rights Shares available 19,075,541 5
Excess Rights Shares applied for 294,902,501 80
Oversubscription 275,862,960 75
Jan Nelson, CEO of Pan African, said:
"The overwhelming support of the rights offer by investors indicates a strong message of confidence for the Evander acquisition and Pan Africans longer term strategy.

We have raised sufficient equity funding which, together with our strong cash generation from the operations and secured revolving line of credit, allows us to comfortably fund this acquisition.


We intend to extract maximum benefit from Evander whilst eliminating our historical single asset risk by diversifying the companys risk across two profitable assets."
2.

SALIENT DATES FOR THE ISSUE AND SETTLEMENT OF THE RIGHTS SHARES
The expected timetable of principal events relating to the issue and settlement of the Rights Shares in South Africa ("SA") is set out below:
2013
SA dematerialised Shareholders ("SA Dematerialised Shareholders") (or their renouncees) accounts credited with Rights Shares and debited with the aggregate Subscription Price by their CSDP or broker
9.00 am on 14 January
Certificates in respect of Rights Shares posted to SA certificated Shareholders ("SA Certificated Shareholders") (or their renouncees) on or about
14 January
Results of Rights Offer published in the SA press
15 January
SA Dematerialised Shareholders (or their renouncees) accounts will be credited with excess Rights Shares (if any) and debited with the aggregate Subscription Price
9.00 am on 16 January
Share certificates and/or refund cheques in respect of excess Rights Shares will be posted to SA Certificated Shareholders (or their renouncees) on or about
16 January
The expected timetable of principal events relating to the issue and settlement of the Rights Shares in the United Kingdom is set out below:
2013
Dealings in Rights Shares, fully paid, commence on the AIM Market of the LSE
8.00 am on 14 January
Rights Shares credited to CREST stock accounts
14 January
Expected date for crediting excess Rights Shares to CREST stock accounts
16 January
Despatch of definitive share certificates for the Rights Shares and excess Rights Shares in certificated form and/or refund cheques in respect of excess Rights Shares
by no later than 28 January
ENDS
Logo_sharper02 media & investor relations
louise brugman managing director Tel: +27 (0) 11 787 3015 Cell: +27 (0) 83 504 1186 skype louise.brugman Email: Web: www.vestor.co.za