Business & Economy

Friday, 03 April 2009 17:21

INCENTIVE FOR INVESTORS IN JUNIOR MINERS - CONTINUATION

Written by 
{pp}Further to a press release dated April 6 2009 - JUNIOR DIAMOND MINER READY TO BENEFIT FROM NEW INVESTOR INCENTIVES (the press release), it was noted that some media commentators incorrectly interpreted the intention of the press release.

The press release relates to an initiative by the Minister of Finance the Honourable Minister Trevor Manual that was gazetted for implementation 1 July 2009. This initiative is intended to stimulate the junior mining and exploration sector by increasing the availability of finance. It is hoped that the South African initiative can mirror the Canadian success of flow-through shares that had a huge impact on the mining industry in that country.

In short, a taxpayer will be entitled to a deduction of 100% against income of the cost of shares issued by a venture capital company from 1 July 2009. A natural person may deduct a maximum of R750 000 in a year of assessment and a total of R2 250 000. Listed companies may also take advantage of this tax benefit. It is a generous incentive that is intended to benefit mining juniors with an asset value of less than R100 million after capital raising and small non-mining companies with a book asset value of less than R10 million after capital raising. Therefore, PANDA MARINE Mining and Exploration Limited hopes to benefit from this incentive and believes that it could be the stimulus that will contribute to creating employment and skills development in areas that were previously neglected. The Minister of Finance must be commended for this generous and practical incentive that is much needed by the bottom end of the mining sector.

For the benefit of the uninformed reader the writer wishes to elaborate on some issues regarding PANDA MARINE Mining and Exploration Limited (PANDA MARINE) that might be unclear:

  1. PANDA MARINE has NOT applied for a listing on the JSE/Alt.X and the press release makes it perfectly clear that the company must first launch its West Coast operations before “LOOKING” at a listing. This however does not mean that the Company is not in consultation with representatives of the JSE as it is also in contact with representatives of other investment platforms.
  2. Currently PANDA MARINE is not promoting a public offering and therefore it is not soliciting investments from the public. If and when a public offering is made it will be strictly in accordance with the Company’s Act and via a registered prospectus aimed at a selective audience.
  3. PANDA MARINE is not an animal activist organisation. The name has been derived from combining ‘P and A’, as a result of the company’s historic development. However the Company is indeed sensitive to environmental issues as all responsible marine mining operators should be and therefore to give expression to this intention our motto is: “We care for our people, our environment and our marine resources”. PANDA MARINE Mining and Exploration is a marine diamond mining company and the owners of prospecting rights and intellectual property relating to submersible robotics and equipment for the harvesting of marine diamonds.

For more about PANDA MARINE visit www.pandamarine.co.za PANDA MARINE Mining and Exploration Limited CORPORATE HEADQUARTERS PUBLIC AND CORPORATE AFFAIRS FLORIDA HILLS, GAUTENG, SOUTH AFRICA P.O.BOX 35630 NORTHCLIFF 2115

Contact information:
Panda Marine
TEL +27 (11) 672 1652
FAX +27 (11) 086 652 7670
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.pandamarine.co.za

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