Company Profile: Pan African Resources plc

Pan African is a mining, exploration, and development company with operations solely on the African continent with a focus on gold.

The Company was incorporated in England and Wales, as an Internet Company, called Viking Internet PLC in 2000. During that same year it was listed on AIM for the first time. After a strategic decision was made to change the core focus of the Company, the name followed. Viking Internet PLC became an investment vehicle operating under the name of White Knight Investments PLC.

On 3 December 2003, after making the tactical decision to focus on the natural resources sector, White Knight Investments PLC completed the acquisition of Mistral Resources Development Corporation (Mistral), a company with two gold projects, one in Ghana and one in Mozambique. The acquisition, in effect, constituted a reverse takeover of the Company under the AIM rules, and on 14 September 2004 the Company was readmitted to AIM as Pan African Resources PLC – a gold exploration and development company with assets in Africa.

On 27 July 2007, Pan African Resources added three gold producing mines to the portfolio of assets already held in Africa. The Barberton Mining Operations consisting of the Fairview, Sheba and New Consort mines was added to provide Pan African Resources with increased cash flow in order to move the projects in other parts of Africa forward. The transaction constituted a reverse takeover according to the AIM Rules and Class Tests with a number of conditions, which had to be fulfilled, this warranted suspension from the exchange. The company was suspended from 20 December 2006 to 4 July 2007 as a result of the regulatory approval taking longer than expected.

On 4 July 2007 Pan African, after all the conditions precedent had been fulfilled, posted a circular to the shareholders as well as being readmitted to AIM for trading. On 27 July 2007, the shareholders voted in favour of the transaction. The transaction became effective on 31 July 2007 with Pan African completing an inward dual listing on the Johannesburg Stock Exchange’s AltX as well as the last conditions of the transaction.

This transaction completed Pan African’s transformation from being a junior gold explorer to being both a mid-tier gold producer whilst still retaining its focus on gold exploration in Africa.

URL
http://www.panafricanresources.com