Anglo-African Minerals plc
Anglo-African Minerals plc: Proposes to acquire CANAF Group Inc
Anglo-African Minerals plc / Acquisition 05.02.2010 18:00 Dissemination of a UK Regulatory Announcement, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Press Release Company: CANAF Group Inc and Anglo-African Minerals plc Symbol: CANAF (TSX: CAF) Anglo-African Minerals (FSE: AMQ) Release Date: 5 February 2010 CANAF Group Inc (TSX: CAF) and Anglo-African Minerals plc (FSE: AMQ) are pleased to announce that AMQ proposes to acquire Quantum Screening and Crushing (Pty) Limited (and its subsidiary Southern Coal (Pty) Limited) and CANAF's 51% interest in Canaf (SL) Limited for 3 million AMQ shares. The Market value of the consideration is $9 million. Southern Coal (Proprietary) Limited is in the business of producing carbon for end users in the steel industry. Its customers include BHP-Billiton and Arcelor Mittal. Quantum is situated in Newcastle, KwaZulu Natal, in the Midlands, South Africa. The majority of the feedstock anthracite is supplied by Springlake Colliery which has reserves in excess of 40 years and is strategically located in the adjacent town of Dundee. Canaf (SL) Limited is an alluvial diamond business based in Sierra Leone. By acquiring these assets Anglo-African Minerals will be adding further to its portfolio of West African mineral concessions . CANAF's cash producing operations in South Africa will further diversify the company's portfolio and bring a highly desirable revenue stream. The addition of the South African business will see the company providing major steel producers with key components in their respective operations. All employees of the business to be acquired are expected to join AMQ and Mr David Way has agreed, following shareholder approval, to join the Board of AMQ. Mr Michael Smith, AMQ Chairman said 'David and his team bring an exceptional contact base and a great deal of management experience in a variety of African operations. We very much look forward to merging the operations. In addition, in these uncertain times it is most reassuring to be cash flow positive before discretionary exploration and capital costs.' The asset purchase agreement is subject to CAF shareholder approval. St Andrews Securities Broker to Anglo-African Minerals Harri Huuskonen, Managing Director T +44 (0) 207 718 0060 M +44 773 928 6880 Equity Story T: +49 (89) 21 02 98-0 Fax: +49 (89) 2102 98-49 McLeod Dixon CANAF Lawyers Calgary Office T: (403)267-8222 Fax: (403)264-5973 Haywood Securities Brokers to CANAF Vancouver Office T: 604-697-7100 Fax: 604-697-7499 05.02.2010 18:00 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
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