Acquisition of Pan African Mining Corp. by Asia Thai Mining Co., Ltd. Closed Today in Accordance With Plan of Arrangement
Pan African Mining Corp. announce the closing today of the Plan of Arrangement and related transactions contemplated by the Arrangement Agreement dated May 9, 2008, as amended June 17, 2008, among Asia Thai Mining Co., Ltd., 0819615 B.C. Ltd., the Company and African Queen Mines Ltd., a newly formed subsidiary of the Company. A Final Order approving the Plan of Arrangement was obtained from the Supreme Court of British Columbia on June 26, 2008, following approval at a Special Meeting of Securityholders of the Company on June 25, 2008.
Accordingly, the Company has now been acquired by the Purchaser and the Depositary, Equity Transfer & Trust Company, has been instructed to commence distribution of cash proceeds and spin-out shares of African Queen upon presentation and surrender of shares of common stock, warrants and options of the Company as contemplated by the Plan of Arrangement and related documents including the Depositary Agreement dated May 30, 2008, as amended June 23, 2008. Distribution of cash proceeds and spin-out shares of African Queen is anticipated to commence next week. The Company will be applying for delisting of its common shares from the TSX Venture Exchange and the Frankfurt Stock Exchange shortly.
About Pan African
The Company is an exploratory resource company with approximately 7,500 sq. km. of diversified mineral properties and 5,000 sq. km. of uranium properties in Madagascar. The Company is exploring these properties for uranium, gold, coal, precious stones, base metals and industrial commodities. In addition, the Company is exploring two large regions for gold and metals in Mozambique under agreements with other companies. It also has approximately 5500 sq. km. of diamond licenses in Botswana which it is presently exploring. Its operations in Madagascar are carried out through its operating subsidiary, PAM Madagascar Sarl, and its uranium activities are carried out through its 80% owned subsidiary PAM Atomique Sarl. The Company has offices in Vancouver, Canada and Antananarivo, Madagascar. Executive offices are being opened in Bangkok, Thailand as a result of the acquisition of the Company by the Purchaser. More information about the Company is available at www.panafrican.com.
About Asia Thai Mining Co., Ltd.
Asia Thai Mining Co., Ltd. (”ATM”) is a holding company incorporated in Thailand. ATM, either directly or through affiliated companies has extensive experience in the development and operation of mining interests, in particular in respect of coal mining interests. Through its subsidiaries, it is involved in the exploration and development of several coal mines in Indonesia. The company projects its coal production capacity will reach approximately 4 million tons by 2009. ATM forms part of a group of affiliated mining companies, including Saraburi Coal Co., Ltd. (”SBCC”). SBCC has been mining coal and tin in Thailand and other Southeast Asian countries since 1998. In addition, SBCC has recently been awarded a 9-year, US$500 million coal mining contract in Thailand from Electricity Generating Authority of Thailand and SBCC will start work in 2008. ATM is a private company with its registered address and principal place of business at 2034/132-161 New Petchburi Road, Bangkapi, Huaykwang, Bangkok Thailand.
