March 12, 2002
Restructuring Of Trans Hex International Ltd.
TORONTO, CANADA - Trans Hex International Ltd. (CDNX: THI) is pleased to announce that following the restructuring of the corporation in terms of the letter of intent with Trans Hex Group Limited announced on March 6, 2002, and more fully set out in a Management Information Circular mailed to all registered shareholders yesterday for the Special Meeting called for April 9, 2002, the following individuals and entities relationships with the corporation will change:
The name of the corporation will be changed to: TSODILO RESOURCES LIMITED
Number of Common Shares Outstanding:
Following the restructuring, there will be 3,909,519 common shares outstanding.
New shareholders owning at least 10% of the issued and outstanding common shares:
Madaket Resources International Ltd. will own 844,100 common shares representing 21.6% of the issued and outstanding common shares. Madaket Resources International Ltd. is owned, controlled or directed by Mr. James M. Bruchs. Mr. Bruchs also owns or controls an additional 235,000 common shares for a total of 1,079,100 common shares or 27.6% of the issued and outstanding common shares.
New Board of Directors and Officers:
Following the restructuring the current Board will be replaced by:
Dr. Christopher M.H. Jennings Dr. Jennings is the Chairman of SouthernEra Resources Ltd.
Mr. James M. Bruchs. Mr. Bruchs is the Managing Director of Voyager Petroleum International Ltd.
Dr. Andrew E. Moore. Dr. Moore is a contract geologist trading as Geological Support Services.
Officers to replace the current officers of the Corporation will be appointed by the new Board at its first meeting.
The 580,000 stock options currently outstanding under the corporation's stock option plan will terminate immediately upon completion of the restructuring unless exercised prior to such time.
The corporation will be discontinued under the laws of Ontario and continued under the laws of Yukon.
The restructuring of the corporation is subject to the approval of the shareholders and to regulatory approvals, including the approval of the Canadian Venture Exchange and South African Reserve Bank. The transactions contemplated by the letter of intent are expected to close by the second week of April 2002.
FOR FURTHER INFORMATION PLEASE CONTACT:
D.M. (Niel) Hoogenhout - Chairman and C.E.O. Tel +1.416.572-2033 Fax +1.416.572-4164 E-Mail mailto:email@example.com
Stephen Woodhead - Chief Financial Officer Tel +1.416.572-2033 Fax +1.416.572-4164 E-Mail mailto:firstname.lastname@example.org