African Copper Plc
TSX : ACU
AIM : ACU

African Copper Plc

May 14, 2009 15:33 ET

African Copper Plc: Transfer and Demand for Repayment of Bonds

LONDON, UNITED KINGDOM--(Marketwire - May 14, 2009) - African Copper Plc ("African Copper" or the "Company") (AIM:ACU)(TSX:ACU)(BOTSWANA:AFRICAN COPPER) -

It has come to the attention of the Company that during the course of today the Botswana Pula 150,000,000 bonds issued by its wholly owned subsidiary Messina Copper (Botswana) (Proprietary) Limited ("Messina") and held by Botswana institutions (the "Bonds") have been purchased by a third party. While the African Copper Directors cannot be certain of the identity of the new purchaser at this time, it is believed that the Bonds have been acquired by Natasa Mining Limited.

African Copper has today received a demand for the redemption of the Bonds calling for immediate repayment of the entire principal amount and accrued interest thereon. This demand alleges events of default of certain terms attached to the Bonds.

The Directors are seeking legal advice in relation to Messina's obligations.

Contact Information

  • African Copper Plc
    Chris Fredericks
    Chief Executive Officer
    +27 (11) 467 2360
    cfredericks@africancopper.com
    or
    African Copper Plc
    Brad Kipp
    Chief Financial Officer
    (416) 847 4866
    bradk@africancopper.com
    www.africancopper.com
    or
    Numis Securities Limited
    John Harrison
    (Nominated Adviser)
    +44 (9) 20 7260 1000
    or
    Numis Securities Limited
    James Black
    (Corporate Broker)
    +44 (9) 20 7260 1000