Central Rand Gold Limited iProp Dispute Update (8630F)

TIDMCRND

RNS Number : 8630F

Central Rand Gold Limited

22 May 2017

 
             Central Rand Gold Limited 
  (Incorporated as a company with limited liability 
             under the laws of Guernsey, 
                Company Number 45108) 
  (Incorporated as an external company with limited 
      liability under the laws of South Africa, 
         Registration number 2007/019223/10) 
                 ISIN: GG00B92NXM24 
      LSE share code: CRND JSE share code: CRD 
       ("Central Rand Gold" or the "Company") 
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                iProp Dispute Update 
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Shareholders are referred to the announcement dated 17 May 2017 (and using the terms defined therein unless otherwise stated) in which it was stated, inter alia, that iProp contends that a dispute arose in 2009 between the parties to the Lease Agreements, which culminated in a settlement agreement ("Settlement Agreement") entered into on or around 9 November 2009. As part of the settlement terms, and apart from any payment entitlements, iProp was entitled to have the Settlement Agreement made an order of Court.

On 8 March 2017, iProp lodged an application in the High Court of South Africa Gauteng Local Division, to seek to have the Settlement Agreement ratified by Court order. On 12 May 2017, the Company filed a notice in terms of Rule 35(12) of the High Court Rules which demanded that all documents referred to in iProp's founding affidavit be provided. However, on 17 May 2017, iProp responded to the Rule 35(12) request, rejecting the aforementioned demand, which elicited a Rule 30(A) notice by the Company's South African attorney. Consequently, iProp decided to remove the court hearing on 19 May 2017; which effectively allows further time for negotiation between the parties to the Lease Agreements.

The Board of Central Rand Gold intends to focus on the procurement, installation and commissioning of the Concentrator Circuit in the next few months.

For further information, please contact:

Central Rand Gold [phone]

Lola Trollip / William Zhuang

ZAI Corporate Finance Ltd - Nominated Adviser & Broker [phone]

John Treacy

Brandon Hill Capital Limited - Broker [phone]

Jonathan Evans / Wei Jiao

Merchantec Capital - JSE Sponsor [phone]

Monique Martinez / Marcel Goncalves

Johannesburg

22 May 2017

The information communicated in this announcement is inside information for the purposes of Article 7 of Market Abuse Regulation 596/2014 ("MAR").

This information is provided by RNS

The company news service from the London Stock Exchange

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May 22, 2017 10:00 ET (14:00 GMT)