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TRANS HEX GROUP LIMITED - Update regarding West Coast Resources

Release Date: 18/10/2019 16:27
Code(s): TSX     PDF:  
Wrap Text
Update regarding West Coast Resources

TRANS HEX GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1963/007579/06)
Share code: TSX
ISIN: ZAE000018552
(“Trans Hex”)

UPDATE REGARDING WEST COAST RESOURCES

Shareholders of Trans Hex (“Shareholders”) are referred to the withdrawal of the cautionary
announcement released on SENS on 16 October 2019, wherein Shareholders were, inter alia,
advised of the termination of negotiations pertaining to a potential disposal of the shares held by
Trans Hex Diamante Beperk (“THD”) in West Coast Resources Proprietary Limited (“WCR”), being
67.2% of the issued share capital of WCR, to Kernel Resources Proprietary Limited (“Kernel
Resources”) and the termination of the management and mining services agreement entered into by
Trans Hex Operations Proprietary Limited (“THO”), THD, WCR and Kernel Resources, in terms of
which WCR would have appointed Kernel Resources as an independent contractor to perform
management and mining services.

As a result of the above and WCR’s trading activities having deteriorated over the past few months
due to, inter alia, diamond prices declining by 27% and the average diamond grade declining due to
lower than expected grades achieved, WCR is not in a position to meet its working capital
requirements without the necessary funding being made available to WCR.

Accordingly, Shareholders are advised that the major shareholder of WCR, including THO, have
today lodged an application to the High Court (Western Cape Division) for WCR to be placed into
provisional liquidation (“Liquidation Application”).

Shareholders will be updated of any further developments pertaining to the Liquidation Application in
due course.

Cape Town
18 October 2019

Sponsor
One Capital

Date: 18/10/2019 04:27:00
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