[miningmx.com] — BAUBA PLATINUM LIMITED Bauba Platinum on Tuesday called for the immediate suspension in the trading of its shares from the JSE, following the failure to reach agreement with Ndarama Mineral Resources and Bauba A Hlabirwa Mining Investments over the ownership of platinum assets.
Bauba was created through a reverse listing following the transfer of a 60% interest in Bauba A Hlabirwa Mining Investments (vendors) into the company.
The vendors had argued that the listing was not yet unconditional and that the company therefore did not own the assets.
Bauba and vendors then in principle agreed to an amicable course of action, whereby the latter will reinstate the agreements subject to certain terms and conditions.
These included Bauba securing new equity subscriptions of R7.5m at an issue price of R2.25 per new Bauba share.
On Tuesday Bauba said despite having received written confirmation from subscribers to tune of R7.5m, it has been unable to reach agreement with the vendors in entering into and implementing the reinstatement agreement.
“As a consequence of the above, one of the subscribers to the new issue has issued a withdrawal request in terms of its portion of the subscription funds held in trust account by the company’s attorneys, which notice may lead to a further withdrawal of the subscription funds pertaining to the new issue,” Bauba said.
The platinum miner said it was exploring various alternatives.
Pine Pienaar had also resigned as CEO and director of the platinum miner, with effect from February 7, it said.
Bauba – formerly Absolute Holdings – listed on the JSE on September 17 2010.
