JOHANNESBURG, Feb. 1 /CNW/ - Kaymin Resources Limited ("Kaymin"), a wholly-owned subsidiary Anglo Platinum Limited, announces that, subject to the approval of the TSX, it, has entered into a mineral interest assignment agreement (the "Assignment Agreement") with Pacific North West Capital Corp. ("PNC") pursuant to which Kaymin is to assign its 50% interest in the River Valley joint venture to PNC and will receive as consideration for such assignment 8,117,161 common shares in the capital of PNC (the "Consideration Shares" and common shares in the capital of PNC being "Common Shares") and warrants (the "Warrants") exercisable for 3,000,000 Common Shares for three years at a price of CND$0.30 per Common Share.
The 8,117,161 Consideration Shares that Kaymin is to acquire pursuant to the Assignment Agreement will represent approximately 10.7% of the issued and outstanding Common Shares (after giving effect to the issue of such Common Shares). If exercised, the Warrants would, together with the 8,117,161 Consideration Shares, represent approximately 14.1% of the issued and outstanding Common Shares (after giving effect to the exercise of such Warrants, but not the exercise of any other convertible securities issued by PNC).
The Consideration Shares and Warrants are to be acquired by Kaymin in the normal course of investment activities.
SOURCE Kaymin Resources Limited
For further information: For additional information, or to obtain a copy of the report required pursuant to the early warning reporting requirements, please contact: Anglo Platinum Limited, 55 Marshall Street, Johannesburg, South Africa, Attention: Anna Mulholland, Phone: 011.27.11.373.6111