ASX Announcement and Media Release Friday, 28 April 2017: West...

ASX Announcement and Media Release Friday, 28 April 2017:

West Wits has recently finalised an agreement with a new Head Contractor which is anticipated to commence by the second week of May. The new Head Contractor, Elandinwave (Pty) Ltd, is a special purpose company formed by a collection of West Wits consultants and its BEE partner. Each of Elandiwaves shareholders have worked with West Wits on the Soweto Cluster for a number of years and their commitment to invest their own funds to become a partner in the SPP project is a strong validation of support from a group who have a deep knowledge of the issues and the prospects. The Company is delighted with this outcome. Under the agreement West Wits will receive 60% of net proceeds from Pits 1 and 2 at SPP, with net proceeds from the remaining Pits 3, 4 & 5 to be split on a 50:50 basis. The new Head Contractor will also provide sufficient funds to cover anticipated working capital to effect the transition of the management of the operation. The proposed Head Contractor is currently finalising arrangements with sub-contractors which when in place will allow for commencement of operations. The Company will make a further release to shareholders once an agreement with the proposed new Head Contractor has been executed.

Lot's to look forward to imo. Share price is choppy on small volume.