JOHANNESBURG,
May 13 /PRNewswire-FirstCall/ -
Anooraq Resources Corporation ("Anooraq") (TSXV: ARQ) (NYSE Amex:
ANO) (JSE: ARQ) advises shareholders that subsequent to
March 31, 2011, Anooraq and Anglo
Platinum Limited ("APL") (the "Parties") entered into preliminary
discussions surrounding a potential transaction between them. The
nature of these discussions surrounds the completion of a strategic
review by the Parties of the assets and financing structures of and
relating to Bokoni Platinum Holdings (Pty) Limited, with a view to
Anooraq effecting a restructuring transaction in respect thereof
(the "Anooraq Restructuring").
Prior to the further potential implementation of
the Anooraq Restructuring, Anooraq has unwound its interest rate
hedge transaction with Standard Chartered Plc ("SCB"), and APL has
acquired Anooraq's senior loan obligations with SCB and
Rand Merchant Bank, a division of
FirstRand Bank Limited.
The outstanding amount of debt acquired by APL
is $96.4 million (ZAR 671 million) and the ultimate treatment
and/or terms associated with this debt are currently under review
between the Parties within the context of the broader refinancing
initiative between them.
In terms of paragraph 3.9 of the Listings
Requirements of JSE Limited, shareholders of Anooraq are advised
that the Anooraq Restructuring may have a material impact on the
price at which the securities of Anooraq are trading.
Issued on behalf of Anooraq Resources
Corporation
Neither the TSX Venture Exchange not its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release. The NYSE
Amex has neither approved nor disapproved the contents of this
press release.
For further information on Anooraq, investors
should review the Company's annual Form 40-F filing with the United
States Securities and Exchange Commission at www.sec.gov and home
jurisdiction filings that are available at www.sedar.com. The
Company's Annual Report on Form 40-F, which includes its audited
financial statements for the fiscal year ended December 31, 2010, was filed with the Securities
and Exchange Commission on March 23,
2011 and is available at www.sec.gov. Shareholders have the
ability to receive a hard copy of the Company's complete audited
financial statements free of charge upon request.
SOURCE Anooraq Resources Corporation