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Gold/Mining/Energy : Namibian Minerals Corporation -- Ignore unavailable to you. Want to Upgrade?

To: PHILLIP FLOTOW who wrote (79)	10/27/1999 11:39:00 AM
From: PHILLIP FLOTOW	Read Replies (1) \| Respond to of 124

News today: Namibian Minerals Corporation (NAMCO) controls 92% of Ocean Diamond Mining Holdings Ltd (ODM). NASDAQ Trading Symbol: NMCOF TSE Trading Symbol: NMR NSE Trading Symbol: NMC LONDON, England, Oct. 27 /CNW/ - Namibian Minerals Corporation (NAMCO) today announced that its general offer for shares in Ocean Diamond Mining Holdings Ltd. (ODM) has closed successfully and it now holds 92% of ODM shares. Acceptances were received for a total of 27 million ODM shares. Holders of 17 million ODM shares, including minority shareholder Trans Hex Group Ltd., elected to take the cash offer of R8.25 per share. The remaining holders of 10 million ODM shares elected to take R8.25 per share payable 50% in cash and 50% in NAMCO shares. Approximately 3.05 million NAMCO common shares will be issued to complete the general offer, and an additional 2.7 million shares were issued to raise US$11 million for general corporate purposes. This equates to a dilution of 14.6%. Investec Bank Ltd. advised and assisted NAMCO on the transaction. The offer values ODM at US$63 million. It is a profitable marine diamond producer which owns three mining vessels and has forecast production of 80 000 carats in fiscal 1999. ODM has no debt and current cash of US$10 million. ``NAMCO has acquired 20 000 sq.km. of marine concessions ranging from good grass roots exploration to proven reserves. Our technology and operational expertise will substantially boost ODM's production. This is a wonderful acquisition for our Company,' said NAMCO's Chairman and CEO Alastair Holberton. NAMCO is the largest independent marine diamond producer operating off the coast of Namibia using proprietary leading-edge marine mining technology. The Company expects to mine 260 000 carats of gem quality diamonds this year. Half-yearly earnings to 30 June 1999 were US$10.6 million, or US$0.28 per share. The Company paid its first dividend earlier this year. FOR AND ON BEHALF OF THE BOARD OF DIRECTORS OF NAMIBIAN MINERALS CORPORATION J.A.Holberton Chairman & Chief Executive Officer Neither The Nasdaq Stock Market, The Toronto Stock Exchange, nor the Namibian Stock Exchange has reviewed the information herein and do not accept responsibility for the adequacy or the accuracy of the above. -30- For further information: Megan Williams on tel + 44 171 824 8900 or email mwilliams@nam.corp.com PHIL