Document:

Filed by sedaredgar.com - Anooraq Resources Corp. - Exhibit 4.21

RPM FUNDING LOAN AGREEMENT

Between

RUSTENBURG PLATINUM MINES LIMITED

and

RICHTRAU NO. 179 (PROPRIETARY)
LIMITED

	TABLE OF CONTENTS
      

	1.
      	PARTIES
      	1
      
	 	 	 
	2.
      	INTERPRETATION
      	1
      
	 	 	 
	3.
      	INTRODUCTION
      	9
      
	 	 	 
	4.
      	ADVANCE
      OF RPM OCSF TRANCHES 	10
      
	 	 	 
	5.
      	REPAYMENT
      OF THE LOANS AND THE RPM OCSF TRANCHES 	10
      
	 	 	 
	6.
      	PREPAYMENT
      	11
      
	 	 	 
	7.
      	INTEREST
      	12
      
	 	 	 
	8.
      	PAYMENTS
      	13
      
	 	 	 
	9.
      	ADDITIONAL
      PAYMENTS 	13
      
	 	 	 
	10.
      	REPRESENTATIONS
      AND WARRANTIES 	13
      
	 	 	 
	11.
      	EVENTS
      OF DEFAULT 	14
      
	 	 	 
	12.
      	CESSION
      	17
      
	 	 	 
	13.
      	CERTIFICATE
      OF INDEBTEDNESS 	17
      
	 	 	 
	14.
      	NOTICES
      AND DOMICILIA 	18
      
	 	 	 
	15.
      	GOVERNING
      LAW 	20
      
	 	 	 
	16.
      	JURISDICTION
      	20
      
	 	 	 
	17.
      	SEVERABILITY
      	20
      
	 	 	 
	18.
      	COSTS
      	20
      
	 	 	 
	19.
      	GENERAL
      	21
      
	 	 	 
	20.
      	COUNTERPARTS
      	22
      
	 	 
	SCHEDULE
      1 : REPAYMENT PROFILE 	24
      

RPM FUNDING LOAN AGREEMENT

1. PARTIES

	1.1 	
      The Parties to this Agreement
are:

	1.1.1 	
      RUSTENBURG PLATINUM MINES LIMITED; and

	 	 
	1.1.2 	
      RICHTRAU NO. 179 (PROPRIETARY)
  LIMITED.

	1.2 	
      The Parties agree as set out
below.

2. INTERPRETATION

	2.1 	
      The headings to the clauses of this Agreement are for
      reference purposes only and shall in no way govern or affect the
      interpretation of nor modify nor amplify the terms of this Agreement nor
      any clause hereof.

	 	 
	2.2 	
      Words and expressions not otherwise defined in this
      Agreement shall bear the meaning given to them in the Holdco Shareholders
      Agreement (as defined below) provided that, to the extent there is any
      inconsistency between the provisions of the Holdco Shareholder Loan
      Agreement and this Agreement, the provisions of this Agreement shall
      prevail. In addition unless the context dictates otherwise, the words and
      expressions set forth below shall bear the following meanings and cognate
      expressions shall bear corresponding meanings:

	2.2.1 	
      “Additional Plateau Amount” has the meaning given
      to in clause 9 (Additional Payments);

	 	 
	2.2.2 	
      “Agreement” means this RPM Funding Loan
      Agreement;

Page 2.

	2.2.3 	
      “Business Day” means a day (other than a Saturday
      or Sunday) on which banks are open for general business in
      Johannesburg;

	 	 
	2.2.4 	
      “Closing Date” has the meaning given to it in the
      Plateau Senior Facilities Agreement;

	 	 
	2.2.5 	
      “Global Intercreditor Agreement” has the meaning
      given to it in the Plateau Senior Facilities Agreement;

	 	 
	2.2.6 	
      “Holdco” means Richtrau No. 179 (Proprietary)
      Limited (Registration No. 2007/106711/07), a private company duly
      incorporated according with the company laws of South Africa;

	 	 
	2.2.7 	
      “Holdco Shareholder Loan Agreement” means the
      Holdco shareholder loan agreement, dated 19 March 2008, between RPM as
      lender and Holdco as borrower pursuant to which RPM loaned the sum of
      ZAR7,058,823,529 (Seven Billion Fifty-eight Million Eight Hundred and
      Twenty Three Thousand Five Hundred and Twenty- nine Rand) to Holdco (which
      loan amount is to be written down for accounting purposes by
      ZAR1,960,784,313 (One Billion Nine Hundred and Sixty Million Seven Hundred
      and Eighty-four Thousand Three Hundred and Thirteen Rand) pursuant to an
      amendment to the Holdco Shareholder Loan Agreement);

	 	 
	2.2.8 	
      “Holdco Shareholders Agreement” means the written
      shareholders agreement, dated 28 March 2008 between RPM, Plateau and
      Holdco;

	 	 
	2.2.9 	
      “Interest Rate” means the prevailing interest rate
      as defined and determined under the Plateau Funding Loan Agreement from
      time to time, on the basis if there is any fixed rate tranche as defined
      under the Plateau Funding Loan Agreement (a “Fixed Rate Tranche”),
      the Interest Rate in relation to that portion of the principal of the Loan
      hereunder which equals the RPM Fixed Rate Tranche, shall be
  the

Page 3.

		
      relevant fixed rate of interest which Plateau is obliged
      to pay to the Plateau Hedge Counterparty under the relevant Plateau
      Hedging Documents relating to any interest rate swap arrangements
      concluded between Plateau and a Plateau Hedge Counterparty in relation to
      the funding under the Plateau Senior Facilities Agreement or any principal
      portion thereof;

	 	 
	2.2.10 	
      “JIBAR” means the “JIBAR” rate as
      determined in and prevailing under the Plateau Senior Facilities Agreement
      from time to time;

	 	 
	2.2.11 	
      “Loan” means the principal amount outstanding of
      the Remaining RPM Claims under this Agreement from time to time;

	 	 
	2.2.12 	
      “OCSF Loans” has the meaning given to it in the
      Plateau Funding Loan Agreement;

	 	 
	2.2.13 	
      “OCSF Rate” means the “Interest Rate” as
      defined in the RPM Operating Cash Flow Shortfall Facility
  Agreement;

	 	 
	2.2.14 	
      “Opco” means Richtrau No. 177 (Proprietary)
      Limited (Registration No. 2007/016711/07), a private company duly
      incorporated according to the company laws of South Africa;

	 	 
	2.2.15 	
      “Opco Funding Loan Agreement” has the meaning
      given to it in the Plateau Senior Facilities Agreement;

	 	 
	2.2.16 	
      “Original RPM Claims” means the Claims of RPM
      against Holdco under the Holdco Shareholder Loan Agreement for an amount
      of ZAR7,058,823,529;

	 	 
	2.2.17 	
      “Parties” means:

	2.2.17.1 	
      RPM; and

Page 4.

	2.2.17.2 	
      Holdco,

		
      and “Party” means, as the context requires, either
      of them;

	 	 
	2.2.18 	
      “Plateau” means Plateau Resources (Proprietary)
      Limited (Registration No. 1996/013879/07), a private company duly
      incorporated according to the company laws of South Africa;

	 	 
	2.2.19 	
      “Plateau Funding Loan Agreement” means the written
      agreement entitled “Plateau Funding Loan Agreement” concluded or to
      be concluded between Plateau and Holdco on or about the Signature
    Date;

	 	 
	2.2.20 	
      “Plateau Hedge Counterparty” has the meaning given
      to it in the Plateau Senior Facilities Agreement;

	 	 
	2.2.21 	
      “Plateau Hedging Documents” has the meaning given
      to it in the Plateau Senior Facilities Agreement;

	 	 
	2.2.22 	
      “Plateau Loan” means the “Loan” as defined
      in the Plateau Funding Loan Agreement;

	 	 
	2.2.23 	
      “Plateau OCSF Loan” means the “OCSF Loans”
      as defined in the Plateau Funding Loan Agreement;

	 	 
	2.2.24 	
      “Plateau Senior Facilities Agreement” means the
      written agreement entitled “Senior Term Loan Facilities Agreement”
      concluded or to be concluded between inter alia Plateau, SCB and
      the Plateau Security SPV on or about the Signature Date;

	 	 
	2.2.25 	
      “Plateau Security SPV” means Micawber 634
      (Proprietary) Limited (Registration No. 2007/025445/07), a private company
      duly incorporated according to the company laws of South
  Africa;

Page 5.

	2.2.26 	
      “Remaining RPM Claims” has the meaning given to it
      in clause 3.1.2;

	 	 
	2.2.27 	
      “RPM” means Rustenburg Platinum Mines Limited
      (Registration No. 1931/003380/06), a public company duly incorporated
      according to the company laws of South Africa;

	 	 
	2.2.28 	
      “RPM Additional Amount” means the amount derived
      by dividing the Additional Plateau Amount by 0,51 and then multiplying the
      resultant amount by 0,49;

	 	 
	2.2.29 	
      “RPM Bank Account” means the bank account in the
      name of RPM with the following details:

	2.2.29.1 	Bank: 	Standard Bank of South Africa Limited; 
	 	 	 
	2.2.29.2 	Account No: 	000175722; 
	 	 	 
	2.2.29.3 	Branch: 	Johannesburg Branch; 
	 	 	 
	2.2.29.4 	Branch Code: 	000205; 

	2.2.30 	
      “RPM Fixed Rate Tranche” means the amount derived
      by dividing the amount of the Fixed Rate Tranche by 0,51 and then
      multiplying the resultant amount by 0,49;

	 	 
	2.2.31 	
      “RPM OCSF Tranches” has the meaning given to it in
      clause 3.2;

	 	 
	2.2.32 	
      “RPM Operating Cash Flow Shortfall Facility Agreement”
      has the meaning given to it in the Plateau Senior Facilities
      Agreement;

	 	 
	2.2.33 	
      “RPM Portion” means the amount derived by dividing
      the amount of any Plateau OCSF Tranche by 0,51 and then multiplying the
      resultant amount by 0,49;

Page 6.

	2.2.34 	
      “SCB” means Standard Chartered Bank, Johannesburg
      Branch (Registration No: 2003/020177/10), a company incorporated in
      England with limited liability by Royal Charter 1853, under reference ZC18
      and registered as an external company in South Africa;

	 	 
	2.2.35 	
      “Senior Agent” has the meaning given to it in the
      Plateau Senior Facilities Agreement;

	 	 
	2.2.36 	
      “Senior Debt Payment Date” has the meaning given
      to it in the Plateau Funding Loan Agreement;

	 	 
	2.2.37 	
      “Signature Date” means the date of signature of
      the Party last signing this Agreement;

	 	 
	2.2.38 	
      “South Africa” means the Republic of South Africa
      as constituted from time to time;

	 	 
	2.2.39 	
      “Structure Memorandum” has the meaning given to it
      in the Senior Facilities Agreement;

	 	 
	2.2.40 	
      “Termination Date” has the meaning given to it in
      the Plateau Senior Facilities Agreement.

	2.3 	
      Any reference in this Agreement
to:

	2.3.1 	
      a “clause” shall, subject to any contrary indication, be
      construed as a reference to a clause hereof;

	 	 
	2.3.2 	
      “including” or “includes” means including (or includes)
      without limitation;

	 	 
	2.3.3 	
      “law” shall be construed as any law (including common or
      customary law) or statute, constitution, decree, judgment, treaty,
      regulation, directive, bye-law, order or any other legislative measure of
      any

Page 7.

		
      relevant government, supranational, local government,
      statutory or regulatory body or court; and

	 	 
	2.3.4 	
      a “person” shall be construed as a reference to any
      person, firm, company, trust, corporation, government, state or agency of
      a state or any association or partnership (whether or not having separate
      legal personality) of two or more of the
foregoing.

	2.4 	
      Unless inconsistent with the context or save where the
      contrary is expressly indicated:

	2.4.1 	
      if any provision in a definition is a substantive
      provision conferring rights or imposing obligations on any Party,
      notwithstanding that it appears only in this interpretation clause, effect
      shall be given to it as if it were a substantive provision of this
      Agreement;

	 	 
	2.4.2 	
      when any number of days is prescribed in this Agreement,
      the same shall be reckoned exclusively of the first and inclusively of the
      last day unless the last day falls on a day which is not a Business Day,
      in which case the last day shall be the next succeeding Business
    Day;

	 	 
	2.4.3 	
      in the event that the day for payment of any amount due
      in terms of this Agreement should fall on a day which is not a Business
      Day, the relevant day for payment shall be the previous Business
    Day;

	 	 
	2.4.4 	
      in the event that the day for performance of any
      obligation in terms of this Agreement (other than a payment obligation)
      should fall on a day which is not a Business Day, the relevant day for
      performance shall be the next succeeding Business Day;

	 	 
	2.4.5 	
      any reference in this Agreement to any legislation, law
      or enactment is to that legislation, law or enactment as at the Signature
      Date and as amended or re-enacted from time to
time;

Page 8.

	2.4.6 	
      any reference in this Agreement to this Agreement or any
      other agreement or document shall be construed as a reference to this
      Agreement or, as the case may be, such other agreement or document as the
      same may have been, or may from time to time be, amended, varied, novated
      or supplemented;

	 	 
	2.4.7 	
      no provision of this Agreement constitutes a stipulation
      for the benefit of any person who is not a Party to this Agreement;
    and

	 	 
	2.4.8 	
      a reference to a Party includes that Party’s
      successors-in-title and permitted assigns.

	2.5 	
      Unless inconsistent with the context, an expression which
      denotes:

	2.5.1 	
      any one gender includes the other genders;

	 	 
	2.5.2 	
      a natural person includes a juristic person and vice
      versa; and

	 	 
	2.5.3 	
      the singular includes the plural and vice
      versa.

	2.6 	
      Where any term is defined within the context of any
      particular clause in this Agreement, the term so defined, unless it is
      clear from the clause in question that the term so defined has limited
      application to the relevant clause, shall bear the same meaning as
      ascribed to it for all purposes in terms of this Agreement,
      notwithstanding that that term has not been defined in this interpretation
      clause.

	 	 
	2.7 	
      The rule of construction that, in the event of ambiguity,
      the contract shall be interpreted against the Party responsible for the
      drafting thereof, shall not apply in the interpretation of this
      Agreement.

Page 9.

	2.8 	
      The expiration or termination of this Agreement shall not
      affect such of the provisions of this Agreement as expressly provide that
      they will operate after any such expiration or termination or which of
      necessity must continue to have effect after such expiration or
      termination, notwithstanding that the clauses themselves do not expressly
      provide for this.

	 	 
	2.9 	
      The use of any expression in this Agreement covering a
      process available under South African law such as winding-up (without
      limitation eiusdem generis) shall, if any of the Parties is subject
      to the law of any other jurisdiction, be construed as including any
      equivalent or analogous proceedings under the law of such other
      jurisdiction.

	 	 
	2.10 	
      Where figures are referred to in numerals and in words,
      if there is any conflict between the two, the words shall
  prevail.

3. INTRODUCTION

	3.1 	
      Pursuant to the implementing of the Holdco Sale of Shares
      Agreement:

	3.1.1 	
      Plateau shall acquire a portion of RPM’s Original RPM
      Claims in an amount of R500,000,000 (Five Hundred Million Rand) so that
      Plateau has Claims for that amount against Holdco; and

	 	 
	3.1.2 	
      RPM will, after the capitalisation of an amount of
      R1,764,705,783 (One Billion Seven Hundred and Sixty-four Million Seven
      Hundred and Five Thousand Seven Hundred and Eighty-three Rand) of the
      remaining Original RPM Claims pursuant to step 2 of the Structure
      Memorandum, retain a portion of the Original RPM Claims for an amount of
      R480,392,157 (Four Hundred and Eighty Million Three Hundred and Ninety-two
      Thousand One Hundred and Fifty-seven Rand) against Holdco (the
      “Remaining RPM Claims”).

Page 10.

	3.2 	
      In circumstances where Plateau is entitled to utilise the
      RPM Operating Cash Flow Shortfall Facility Agreement, then RPM shall be
      obliged to advance an amount calculated as the RPM Portion as a
      shareholder loan from RPM to Holdco (a “RPM OCSF Tranche” and
      multiple loans

	 	 
		
      “RPM OCSF Tranches”).

	 	 
	3.3 	
      This Agreement sets out the terms and conditions which
      shall apply to:

	3.3.1 	
      the Remaining RPM Claims with effect on the Closing Date
      and which accordingly hereby replace the terms and conditions which
      applied to the Original RPM Claims in terms of the Holdco Shareholder Loan
      Agreement, with effect on the Closing Date; and

	 	 
	3.3.2 	
      the RPM OCSF Tranches.

4. ADVANCE OF RPM OCSF TRANCHES

	4.1 	
      RPM hereby undertakes and agrees that it will advance the
      RPM OCSF Tranches to Holdco on the same date as it is obliged to advance
      any Plateau OCSF Loan to Plateau under the RPM Operating Cash Flow
      Shortfall Facility Agreement.

	 	 
	4.2 	
      If so requested by Opco, and consented to by Holdco, RPM
      shall advance the RPM OCSF Tranches directly to Opco, which shall
      constitute an advance of the RPM Tranches under this
  Agreement.

5. REPAYMENT OF THE LOANS AND THE RPM OCSF
TRANCHES

	5.1 	
      To the extent cash is available, HoldCo shall repay the
      Loan to RPM in instalments by repaying, on each Senior Debt Payment Date
      set out in Schedule 1 (Repayment Profile), an amount which reduces
      the outstanding aggregate Loan by an amount equal to the relevant
      proportion of the Remaining RPM Claims on the Closing Date, as set out in
      Schedule 1 (Repayment Profile), provided that irrespective of
      whether cash is

Page 11.

available, the full amount of the Loan,
inclusive of all accrued and unpaid interest and any other amounts that may
become payable hereunder shall be repaid on the earlier of:

	5.1.1 	
      the Termination Date; and

	 	 
	5.1.2 	
      the date on which the Loan and all accrued and unpaid
      interest and any other amounts become payable pursuant to a written notice
      issued to Holdco under clause 11.2 (Events of
  Default).

	5.2 	
      To the extent cash is available after the making of all
      payments referred to in clause 5.1 above, and subject to the provisions of
      the Global Intercreditor Agreement, Holdco shall repay that portion of the
      RPM OCSF Tranches equal to such available cash on each Senior Debt Payment
      Date provided that, irrespective of whether cash is available, but subject
      to all amounts that are required to be paid under clause 5.1 above being
      settled, and subject to the provisions of the Global Intercreditor
      Agreement, the RPM OCSF Tranches, inclusive of all accrued and unpaid
      interest and any other amounts that may become payable hereunder in
      respect of the RPM OCSF Tranches shall be repaid on the earlier
  of:

	5.2.1 	
      the Termination Date; and

	 	 
	5.2.2 	
      the date on which the RPM OCSF Tranches and all accrued
      and unpaid interest and any other amounts become payable pursuant to a
      written notice issued to Holdco under clause 11.2 (Events of
      Default).

	5.3 	
      The instalments referred to above shall be paid by direct
      electronic transfer into the RPM Bank Account.

6. PREPAYMENT

If any amount of the Loan is prepaid by Holdco, then the amount
of the instalment due on each Senior Debt Repayment Date set out in Schedule 1

Page 12.

(Repayment Profile) falling after that prepayment will
reduce in inverse chronological order by the amount of the Loan prepaid.

7. INTEREST

	7.1 	
      The unpaid principal balance of the Loan shall bear
      interest at the Interest Rate and on the same terms and subject to the
      same conditions mutatis mutandis as are applicable to the bearing
      of interest on the funding under the Plateau Senior Facilities
      Agreement.

	 	 
	7.2 	
      Any amount payable under this Agreement in respect of the
      Loan which is not paid on its due date for payment shall be capitalised on
      the day after the relevant amount was payable and thereafter form part of
      the Loan.

	 	 
	7.3 	
      Any amount of interest which is capitalised shall be
      repaid as soon as cash is available.

	 	 
	7.4 	
      Interest on the unpaid principal balance of the Loan
      shall be paid on the same Senior Debt Payment Dates and on the same terms
      and subject to the same conditions mutatis mutandis as are
      applicable to the payment of interest on the funding under the Plateau
      Funding Loan Agreement.

	 	 
	7.5 	
      The unpaid principal balance of the RPM OCSF Tranches
      shall bear interest at the OCSF Rate.

	 	 
	7.6 	
      To the extent that cash is available after the making of
      all payments of interest referred to in clause 7.1 above, and subject to
      the provisions of the Global Intercreditor Agreement, interest on the
      unpaid principal balance of the RPM OCSF Tranches shall be paid on the
      same Senior Debt Payment Dates and on the same terms and conditions
      mutatis mutandis as are applicable to the payment of interest on
      the OCSF Loans under the RPM Operating Cash Flow Shortfall Facility
      Agreement.

Page 13.

	7.7 	
      The interest referred to above shall be paid by direct
      electronic transfer into the RPM Bank Account.

8. PAYMENTS

	8.1 	
      All payments to be made by HoldCo to RPM in terms of this
      Agreement in relation to the Loan and the RPM OCSF Tranches shall be made
      on the same terms and subject to the same conditions mutatis mutandis
      as are applicable to payments in relation to the Plateau Loan under
      the Plateau Funding Loan Agreement and if on any payment date the amount
      received by RPM from Holdco is less than the full amount required to be
      paid by Holdco under this Agreement on that date, the amount received by
      RPM shall be applied to discharge the liabilities of Holdco under this
      Agreement in the order of priority set out in the Global Intercreditor
      Agreement in relation to the Holdco Cash Waterfall (as defined in the
      Global Intercreditor Agreement).

9. ADDITIONAL PAYMENTS

If any amount becomes payable by Holdco to Plateau under clause
8 (Tax Gross-up and Additional Payments) of the Plateau Funding Loan
Agreement (an “Additional Plateau Amount”), Holdco shall be obliged to
make payment of an amount equivalent to the RPM Additional Amount to RPM on the
same date or dates (as applicable) as such Additional Plateau Amounts are
payable by Holdco under the Plateau Funding Loan Agreement.

10. REPRESENTATIONS AND WARRANTIES

	10.1 	
      Holdco hereby represents and warrants to RPM that on the
      Signature Date and the Closing Date:

	10.1.1 	
      Holdco is a private company duly organised and existing
      under the laws of South Africa with the power and authority to enter into
      and to exercise its rights and perform its obligations under this
      Agreement;

Page 14.

	10.1.2 	
      Holdco has procured the taking of all necessary corporate
      and other action to authorise the execution of this Agreement;

	 	 
	10.1.3 	
      this Agreement is legal and binding on, and enforceable
      against, Holdco;

	 	 
	10.1.4 	
      the provisions of this Agreement are not in conflict
      with, and will not constitute a breach of the provisions of any other
      agreement or undertaking which is binding on
Holdco.

	10.2 	
      Each of the representations and warranties given by
      Holdco in terms of clause 10.1 shall:

	10.2.1 	
      prima facie be deemed to be a representation of
      fact inducing RPM to enter into this Agreement;

	 	 
	10.2.2 	
      be presumed to be material unless the contrary is
      proved;

	 	 
	10.2.3 	
      insofar as any of the warranties is promissory or relates
      to a future event, be deemed to have been given as at the due date for
      fulfilment of the promise or for the happening of the event, as the case
      may be; and

	 	 
	10.2.4 	
      be a separate warranty and in no way be limited or
      restricted by reference to or inference from the terms of any other
      warranty.

	10.3 	
      RPM is entering into this Agreement relying upon the
      representations and warranties given by Holdco in clause
  10.1.

11. EVENTS OF DEFAULT

	11.1 	
      An Event of Default shall occur
if:

Page 15.

	11.1.1 	
      Holdco fails to pay any sum due from it hereunder at the
      time, in the currency and in the manner specified herein unless the
      failure to pay is solely due to technical or administrative reasons and
      the relevant amount is duly paid within 2 (two) Business Days of its due
      date; or

	 	 
	11.1.2 	
      any material representation or statement made by Holdco
      in connection with this Agreement is or proves to have been incorrect or
      misleading when made and Holdco fails to remedy such circumstances within
      10 (ten) Business Days after receiving written notice from RPM requiring
      such remedy; or

	 	 
	11.1.3 	
      Holdco fails to duly perform or comply with any other
      obligation expressed to be assumed by it in this Agreement and such
      failure is not remedied within 10 (ten) Business Days after RPM has given
      written notice thereof to Holdco; or

	 	 
	11.1.4 	
      Holdco takes any corporate action or other steps are
      taken or legal proceedings are started for its winding-up (whether
      provisional or final), dissolution, administration or re-organisation or
      for the appointment of a liquidator, receiver, administrator,
      administrative receiver, trustee or similar officer over it or any or all
      of its revenues and assets; or

	 	 
	11.1.5 	
      at any time any act, condition or thing required to be
      done, fulfilled or performed by Holdco in
order:

	11.1.5.1 	
      to enable Holdco lawfully to enter into, exercise its
      rights under and perform the obligations expressed to be assumed by it in
      this Agreement; or

	 	 
	11.1.5.2 	
      to ensure that the obligations expressed to be assumed by
      Holdco in this Agreement are enforceable, legal and
  valid,

is not done, fulfilled or performed;

Page 16.

	11.1.6 	
      at any time it is or it becomes unlawful for Holdco to
      perform or comply with any or all of its obligations under this Agreement
      or any of the obligations of Holdco under this Agreement are not or cease
      to be legal, valid and binding;

	 	 
	11.1.7 	
      the Plateau Senior Agent takes or is instructed to take
      any of the actions referred to in clause 28.20 (Acceleration) of
      the Plateau Senior Facilities Agreement;

	 	 
	11.1.8 	
      Plateau (or the Plateau Senior Agent on its behalf) takes
      any of the actions referred to in clause 11.2 of the Plateau Funding Loan
      Agreement;

	 	 
	11.1.9 	
      Opco (or the Plateau Senior Agent on its behalf) takes
      any of the actions referred to in clause 11.2 of the Opco Funding Loan
      Agreement.

	11.2 	
      Upon the occurrence of an Event of Default and subject to
      any restrictions on enforcement action provided for in the Global
      Intercreditor Agreement, RPM may, without prejudice to any other rights it
      may have in terms of this Agreement or at law, by written notice to
      Holdco:

	11.2.1 	
      claim and recover from Holdco (which amount shall be
      immediately due and payable):

	11.2.1.1 	
      the unpaid principal balance of the Loan;

	 	 
	11.2.1.2 	
      all accrued and unpaid interest due and payable by Holdco
      in accordance with the terms of this Agreement; and

	 	 
	11.2.1.3 	
      any other amounts which are payable by Holdco to RPM
      under this Agreement (whether or not then due and payable on the basis
      that any and all such amounts shall immediately be due and
  payable);

Page 17.

	11.2.2 	
      declare the Loan and all other amounts payable by Holdco
      pursuant to this Agreement to be due and payable on demand of
  RPM.

	11.3 	
      If RPM takes any of the actions referred to in clause
      11.2, interest shall accrue on all outstanding amounts under this
      Agreement in respect of the RPM OCSF Tranches from the due date of payment
      up to the date of actual payment (both before and after judgment) at a
      rate which is 2% per annum higher than the OCSF Rate. Any interest
      accruing under this Clause 11.3 shall be immediately payable by Holdco on
      demand by RPM.

12. CESSION

	12.1 	
      RPM shall, subject to the provisions of the Global
      Intercreditor Agreement, be entitled to cede or assign its rights, title,
      interest or benefits or to delegate any of its obligations under this
      Agreement, other than the delegation of its obligations under the RPM OCSF
      Tranches.

	 	 
	12.2 	
      Save as set out in clause 12.1 above, neither Party shall
      be entitled to cede or assign its rights, title, interest or benefits or
      to delegate any of its obligations under this
Agreement.

13. CERTIFICATE OF INDEBTEDNESS

A certificate signed by a manager or director of RPM (whose
appointment it shall not be necessary to prove) shall be prima facie
proof of:

	13.1 	
      the amount of any indebtedness owing by Holdco to RPM
      pursuant to this Agreement;

	 	 
	13.2 	
      the due date of such indebtedness; and

	 	 
	13.3 	
      the fact that such indebtedness is due and owing and has
      not been paid or otherwise discharged.

Page 18.

14. NOTICES AND
DOMICILIA

	14.1 	
      Notices

	14.1.1 	
      Each Party chooses the addresses set out opposite its
      name below as its addresses to which any written notice in connection with
      this Agreement may be addressed.

	14.1.1.1 	RPM: 
	  	 	  	  
	  	 	No. 55 Marshall Street 
	  	 	Marshalltown 	  
	  	 	Johannesburg 	  
	  	 	Telefax No.: 	(011) 373 5111 
	  	 	Attention: 	The Company Secretary 
	  	 	  	  
	  	 	  	  
	14.1.1.2 	Holdco: 
	  	 	  	  
	  	 	4th Floor, 82 Grayston Drive 
	  	 	Off Esterhysen Lane 
	  	 	Sandton 	  
	  	 	Telefax No.: 	(011) 883 0836 
	  	 	Attention:	The Company Secretary 

	14.1.2 	
      Any notice or communication required or permitted to be
      given in terms of this Agreement shall be valid and effective only if in
      writing but it shall be competent to give notice by telefax transmitted to
      its telefax number set out opposite its name above.

	 	 
	14.1.3 	
      Either Party may by written notice to the other Party
      change its chosen addresses and/or telefax number for the purposes of
      clause 14.1.1 to any other address(es) and/or telefax number, provided
      that the change shall become effective on the fourteenth day after the
      deemed or actual receipt of the notice by the other Party pursuant to
      clause 14.1.4 or 14.1.5 (as applicable).

	 	 
	14.1.4 	
      Any notice given in terms of this Agreement
  shall:

Page 19.

	14.1.4.1 	
      if sent by a courier service be deemed to have been
      received by the addressee on the 5th (fifth) Business Day
      following the date of such sending;

	 	 
	14.1.4.2 	
      if delivered by hand be deemed to have been received by
      the addressee on the date of delivery;

	 	 
	14.1.4.3 	
      if transmitted by facsimile be deemed to have been
      received by the addressee on the first Business Day after the date of
      transmission;

		
      unless the contrary is proved.

	 	 
	14.1.5 	
      Notwithstanding anything to the contrary herein
      contained, a written notice or communication actually received by a Party
      shall be an adequate written notice or communication to it,
      notwithstanding that it was not sent to or delivered at its chosen address
      and/or telefax number.

	14.2 	
      Domicilia

	14.2.1 	
      Each of the Parties chooses its address referred to in
      clause 14.1 as its domicilium citandi et executandi at which
      address documents in legal proceedings in connection with this Agreement
      may be served.

	 	 
	14.2.2 	
      Either Party may by written notice to the other Party
      change its domicilium from time to time to another address, not
      being a post office box or a poste restante, in South Africa;
      provided that any such change shall only be effective on the fourteenth
      day after deemed receipt of the notice by the other Party pursuant to
      clause 14.1.4.

Page 20.

15. GOVERNING LAW

The entire provisions of this Agreement shall be governed by
and construed in accordance with the laws of South Africa.

16. JURISDICTION

The Parties hereby irrevocably and unconditionally consent to
the non-exclusive jurisdiction of the South Gauteng High Court, Johannesburg,
South Africa (or any successor to that division) in regard to all matters
arising from this Agreement.

17. SEVERABILITY

Each provision in this Agreement is severable from all others,
notwithstanding the manner in which they may be linked together or grouped
grammatically, and if in terms of any judgment or order, any provision, phrase,
sentence, paragraph or clause is found to be defective or unenforceable for any
reason, the remaining provisions, phrases, sentences, paragraphs and clauses
shall nevertheless continue to be of full force. In particular, and without
limiting the generality of the aforegoing, the Parties hereto acknowledge their
intention to continue to be bound by this Agreement notwithstanding that any
provision may be found to be unenforceable or void or voidable, in which event
the provision concerned shall be severed from the other provisions, each of
which shall continue to be of full force.

18. COSTS

	18.1 	
      It is recorded that the costs of and incidental to the
      negotiation, preparation and execution of this Agreement shall be borne in
      accordance with the provisions of the Plateau Senior Facilities
      Agreement.

	 	 
	18.2 	
      All legal costs incurred by a Party in consequence of any
      default of the provisions of this Agreement by the other Party shall be
      payable on

Page 21.

demand by the Defaulting Party on the
scale as between attorney and own client and shall include collection charges,
the costs incurred by the Aggrieved Party in endeavouring to enforce such rights
prior to the institution of legal proceedings and the costs incurred in
connection with the satisfaction or enforcement of any judgement awarded in
favour of the Aggrieved Party in relation to its rights in terms of or arising
out of this Agreement.

19. GENERAL

	19.1 	
      This Agreement contains the entire agreement between the
      Parties in regard to the subject matter hereof.

	 	 
	19.2 	
      Neither Party shall be bound by or have any claim or
      right of action arising from any express or implied term, undertaking,
      representation, warranty, promise or the like not included or recorded in
      this document whether it induced the contract and/or whether it was
      negligent or not.

	 	 
	19.3 	
      No variation, amendment or consensual cancellation of
      this Agreement or any provision or term hereof and no settlement of any
      disputes arising under this Agreement and no extension of time, waiver or
      relaxation or suspension of any of the provisions or terms of this
      Agreement shall be binding or have any force and effect unless reduced to
      writing and signed by or on behalf of the Parties. Any such extension,
      waiver or relaxation or suspension which is so given or made shall be
      construed as relating strictly to the matter in respect whereof it was
      made or given.

	 	 
	19.4 	
      No extension of time or waiver or relaxation of any of
      the provisions or terms of this Agreement shall operate as an estoppel
      against any Party in respect of its rights under this Agreement.

	 	 
	19.5 	
      No failure by either Party to enforce any provision of
      this Agreement shall constitute a waiver of such provision or affect in
      any way such Party’s right

Page 22.

		
      to require the performance of such provision at any time
      in the future, nor shall a waiver of a subsequent breach nullify the
      effectiveness of the provision itself.

	 	 
	19.6 	
      Except as provided for under this Agreement, neither
      Party shall cede any of its rights or delegate any of its obligations
      under this Agreement without the prior written consent of the other
      Parties.

20. COUNTERPARTS

This Agreement may be executed in any number of counterparts
and by different Parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together
shall constitute one and the same agreement.

Page 23.

SIGNED at Johannesburg on this the 12th day
of June 2009.

For and on behalf of
RUSTENBURG
PLATINUM MINES 
LIMITED

/s/ signed

____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto

SIGNED at Johannesburg on this the 12th day
of June 2009.

For and on behalf of
RICHTRAU
NO. 179 
(PROPRIETARY) LIMITED

/s/ signed

____________________________

  Name: 

  Capacity: 

  Who warrants his authority hereto

Page 24.

SCHEDULE 1 

REPAYMENT PROFILE

  	Senior
        Debt Repayment Date 	Repayment Instalment 
	31 January 2013 	1 /12 
	31 July 2013 	1 /12 
	31 January 2014 	1 /12 
	31 July 2014 	1 /12 
	31 January 2015 	1 /12 
	31 July 2015 	1 /12 
	31 January 2016 	1 /12 
	31 July 2016 	1 /12 
	31 January 2017 	1 /12 
	31 July 2017 	1 /12 
	31 January 2018 	1 /12 
	Termination Date 	1 /12Filed by sedaredgar.com - Anooraq Resources Corporation - Exhibit 4.22

EXECUTION VERSION

 

 

RPM PLATEAU A PREFERENCE SHARE SUBSCRIPTION AGREEMENT

 

 

 

 

between 

PLATEAU RESOURCES (PROPRIETARY) LIMITED 

and 

N2C RESOURCES INC 

and 

RUSTENBURG PLATINUM MINES LIMITED 

CONTENT 

 

	Clause      	Page      
	 	  
	1.
      Interpretation 	3
      
	 	 
	2.
      Common terms Agreement 	4
      
	 	 
	3.
      Subscription 	4
      
	 	 
	4.
      Allotment, Issue and Delivery of Share Certificates 	4
      
	 	 
	5.
      Purpose 	5
      
	 	 
	6.
      Risk and Benefit 	5
      
	 	 
	7.
      Securities and Documentary Taxes 	5
      
	 	 
	8.
      RPM Plateau A Preference Share Terms 	5
      
	 	 
	9.
      Indemnity for Defects in Shares 	5
      
	 	 
	10.
      Memorandum and Articles of Association 	6
      
	 	 
	 Signature
      Page 	7
      
	 	 
	 Schedule
      1 	8
      
	 	 
	 Schedule
      2 	15
      

THIS AGREEMENT dated 12 June 2009 is made between: 

		(1) 	
      PLATEAU RESOURCES (PROPRIETARY) LIMITED,
      registration number 1996/013879/07, (the Company); 

	 	 	
       

	 	(2) 	
      N2C RESOURCES INC, registration number CR-94611,
      (the Parent); and 

	 	 	
       

		(3) 	
      RUSTENBURG PLATINUM MINES
      LIMITED, registration number 1931/003380/06, (the
      Subscriber), 

	 	 	
       

	 	  	
      (collectively the Parties).

BACKGROUND: 

The Subscriber wishes to subscribe for, and the Company wishes
to allot and issue to the Subscriber, the Subscription Shares (as defined
below). Accordingly, the Parties enter into an agreement on the terms and
conditions set out below. 

IT IS AGREED as follows: 

	1. 	
      INTERPRETATION

	1.1 	
      Definitions

	 	 
		
      Words and expressions not otherwise defined in this
      Agreement shall bear the meaning given to them in the RPM Funding Common
      Terms Agreement (as defined below). In addition, unless the context
      dictates otherwise, the words and expressions set forth below shall bear
      the following meanings and cognate expressions shall bear corresponding
      meanings. In this Agreement:

	1.1.1 	
      Agreement means this RPM Plateau A Preference
      Share Subscription Agreement and its Schedules;

	 	 
	1.1.2 	
      A Preference Share means a cumulative, redeemable
      preference par value share of R1.00 in the share capital of the Company,
      having the rights and privileges detailed in the RPM Plateau A Preference
      Share Terms;

	 	 
	1.1.3 	
      Companies Act means the Companies Act, 61 of 1973
      and includes all regulations promulgated under that act;

	 	 
	1.1.4 	
      Issue Price means an amount of R1 200 000 000,
      being the Issue Price (per Share) multiplied by the number of Subscription
      Shares;

	 	 
	1.1.5 	
      Issue Price (per Share) means an amount of R1 200
      000 per Subscription Share, being the all-inclusive price per share at
      which the Subscriber will subscribe for, and the Company will allot and
      issue, the Subscription Shares (and representing a premium per share of R1
      199 999 over the par value thereof);

	 	 
	1.1.6 	
      Party means a party to this
  Agreement;

	1.1.7 	
      Rand or R means the lawful currency, from
      time to time, of South Africa;

	 	 
	1.1.8 	
      RPM Funding Common Terms Agreement means the
      written common terms agreement dated on or about the Signature Date
      between inter alia the Parent, the Subscriber and the
    Company;

	 	 
	1.1.9 	
      RPM Plateau A Preference Share Terms means the
      rights and privileges attaching to an A Preference Share, as detailed in
      Schedule 2 (RPM Plateau A Preference Share Terms) to this
  Agreement;

	 	 
	1.1.10 	
      Special Resolutions means special resolutions by
      the members of the Company, in form and substance substantially similar to
      the draft resolutions contained in Schedule 1 (Special Resolutions of the
      Company);

	 	 
	1.1.11 	
      Signature Date means the date of the signature of
      the Party last signing this Agreement; and

	 	 
	1.1.12 	
      Subscription Shares means 1 000 A Preference
      Shares.

	2. 	
      COMMON TERMS AGREEMENT

	2.1 	
      This Agreement and the rights and obligations of the
      Parties are in all respects subject to the terms and conditions of the RPM
      Funding Common Terms Agreement. The terms and conditions of the RPM
      Funding Common Terms Agreement are incorporated by reference into this
      Agreement as if repeated herein in full.

	 	 
	2.2 	
      In the event of a conflict between the terms of this
      Agreement and the RPM Funding Common Terms Agreement the provisions of
      this Agreement shall prevail.

	3. 	
      SUBSCRIPTION

	 	 
		
      Subject to the fulfilment of the conditions set out in
      Clause 4 of the RPM Funding Common Terms Agreement, on and with effect
      from the Closing Date, the Subscriber:

	3.1 	
      subscribes for the Subscription Shares; and

	 	 
	3.2 	
      pays the Issue Price to the
Company,

		
      in accordance with the terms of this Agreement.

	 	 
	4. 	
      ALLOTMENT, ISSUE AND DELIVERY OF SHARE
      CERTIFICATES

	 	 
		
      On the Closing Date and immediately on receipt of the
      Issue Price in respect of all the Subscription Shares, the Company
      must:

	4.1 	
      allot (as fully paid up) and issue the Subscription
      Shares to the Subscriber;

	4.2 	
      make such entries in its register of members, as are
      required to reflect the Subscriber as the registered holder of the
      Subscription Shares; and

	 	 
	4.3 	
      deliver to the Subscriber the share certificate in
      respect of the Subscription Shares.

	5. 	
      PURPOSE

	5.1 	
      Application of funds

	 	 
		
      The proceeds of the Issue Price may only be used for
      purposes of paying part of the cash consideration in the amount of R2 600
      000 000 payable by the Company to the Subscriber in terms of the
      Acquisition.

	 	 
	5.2 	
      No obligation to monitor

	 	 
		
      The Subscriber is not bound to monitor or verify the
      application of any amount raised by the Company under this
    Agreement.

	6. 	
      RISK AND BENEFIT

	 	 
		
      The risk in and benefit of the Subscription Shares will
      pass to the Subscriber on the allotment and issue of the Subscription
      Shares to it, on the Closing Date.

	 	 
	7. 	
      SECURITIES AND DOCUMENTARY TAXES

	 	 
		
      The Company must pay and indemnify the Subscriber against
      any registration or similar Tax payable in connection with the entry into,
      performance or enforcement of any Finance Document (including any
      securities taxes payable in respect of the creation and issue of the
      Subscription Shares).

	 	 
	8. 	
      RPM PLATEAU A PREFERENCE SHARE TERMS

	 	 
		
      In addition to the rights and privileges attaching to the
      Subscription Shares under the memorandum and articles of association of
      the Company, the Subscription Shares shall have all the rights and
      privileges set out in the RPM Plateau A Preference Share Terms. The
      Company may redeem the Subscription Shares only in accordance with the RPM
      Plateau A Preference Share Terms.

	 	 
	9. 	
      INDEMNITY FOR DEFECTS IN SHARES

	 	 
		
      The Company indemnifies the Subscriber against any loss,
      damage, cost or expense suffered or incurred by the Subscriber if, for any
      reason, the creation, allotment, issue, subscription or holding by any
      person of Subscription Shares is or becomes unlawful, invalid, defective,
      void or voidable.

	10. 	
      MEMORANDUM AND ARTICLES OF
  ASSOCIATION

	10.1 	
      If there is any conflict between this Agreement and the
      memorandum or the articles of association of the Company (as amended
      pursuant to this Agreement), this Agreement, as between the Parties, will
      prevail. If any such conflict arises:

	10.1.1 	
      the Company will convene an extraordinary general meeting
      of its members within 21 days of becoming aware of any such
    conflict;

	 	 
	10.1.2 	
      the Company and the Parent each undertakes to take
      whatever steps may be open to it to procure, at that general meeting, that
      the memorandum and articles of association of the Company are amended to
      conform to the terms of this Agreement; and

	 	 
	10.1.3 	
      the Parent undertakes to exercise its voting rights as
      sole ordinary shareholder of the Company accordingly, to consent to and
      take all necessary steps within its power to amend the memorandum and
      articles of association of the Company, to consent to and authorise any
      variation of rights that would result from that amendment, and to consent
      to and authorise any and all payments required to be made by the Company
      in respect of an A Preference Share.

	10.2 	
      Whenever this Agreement purports to impose an obligation
      on the Company which, in law, is an obligation that can only be performed
      by the ordinary shareholders of a company, the Parent, as the sole
      ordinary shareholder of the Company, must perform that obligation or
      procure that it is performed.

SIGNATURE PAGE 

 

THE COMPANY 

For and on behalf of 
Plateau Resources (Proprietary)
Limited 

/s/ signed

  __________________________________ 

Name: 
Date: 

 

 

THE PARENT 

For and on behalf of 
N2C Resources Inc 

/s/ signed

  __________________________________ 

Name: 
Date: 

 

 

THE SUBSCRIBER 

For and on behalf of 
Rustenburg Platinum Mines Limited

/s/ signed

  __________________________________ 

Name: 
Date: 

SCHEDULE 1 

SPECIAL RESOLUTIONS OF THE COMPANY 

PLATEAU RESOURCES (PROPRIETARY) LIMITED 

(Registration Number 1996/013879/07) 

("the Company") 

	MINUTES OF A MEETING OF THE OF THE SHAREHOLDER OF THE
      COMPANY 

Present: [•] (in the Chair) 

NOTICE AND QUORUM 

	(i) 	
      The notice required for the calling of a meeting of
      shareholders of the Company has been waived in writing.

	 	 
	(ii) 	
      A quorum was present.

WHEREAS 

	A. 	
      The Company, N2C Resources Inc. and Rustenburg Platinum
      Mines Limited ("RPM") concluded or will conclude the A preference
      share subscription agreement in terms of which RPM agrees to subscribe for
      and the Company agrees to issue certain cumulative, redeemable A
      preference shares ("A Preference Shares") in the share capital of
      the Company ("A Preference Share Subscription
Agreement").

	 	 
	B. 	
      The Company, Anooraq Resources Limited ("Anooraq")
      and Central Plaza Investments 78 (Proprietary) Limited ("Central
      Plaza") concluded or will conclude the B2 preference share
      subscription agreement in terms of which Central Plaza agrees to subscribe
      for and the Company agrees to issue certain cumulative, convertible B2
      preference shares ("B2 Preference Shares") in the share capital of
      the Company ("B2 Preference Share Subscription
  Agreement").

	 	 
	C. 	
      The Company, Anooraq and Central Plaza concluded or will
      conclude the B3 preference share subscription agreement in terms of which
      Central Plaza agrees to subscribe for and the Company agrees to issue
      certain cumulative, convertible B3 preference shares ("B3 Preference
      Shares") in the share capital of the Company ("B3 Preference Share
      Subscription Agreement").

	1. 	
      SPECIAL RESOLUTION NO 1

	 	 
		
      RESOLVED that, subject to the passing and
      registration of special resolution no. 2, the authorised share capital of
      the Company of R[•] presently divided into
      [•] ordinary shares of R1,00 each be and it is
      increased to R[•] divided into [•]
      ordinary shares of R[•] each,
      [•] cumulative, redeemable preference shares of
      R[•] each [•] (provided that the
      cumulative, convertible preference shares do not exceed 10% of the issued
      shares of the Company) and cumulative, convertible preference shares of
      R[•], having the rights and privileges set out in the
      articles of association.

	 	 
	2. 	
      SPECIAL RESOLUTION NO. 2

	 	 
		
      RESOLVED that, subject to the passing and
      registration of special resolution no.1, the memorandum of association of
      the Company and the articles of association of the Company be and is
      hereby amended as per Schedule 1 to this minute.

	 	 
	3. 	
      SPECIAL RESOLUTION NO. 3

	 	 
		
      RESOLVED that, with effect from the date on which
      this special resolution is registered by the Registrar of Companies, the
      Company is authorised, for all purposes required under Section 38(2A)(b)
      of the Companies Act, 61 of 1973 (the "Act"), without restriction
      or condition, to provide any financial assistance (as contemplated in
      Section 38 of the Act) which may arise as a result of the Company entering
      into and/or performing its obligations under:

	 	3.1 	
      each of the Transaction Documents (as defined in the
      Senior Term Loan Facilities Agreement concluded or to be concluded
      between, inter alia, Standard Chartered Bank, the Company and
      Micawber 634 (Proprietary) Limited ("Senior Facilities Agreement"))
      to which it is a party;

	 	 	 
	 	3.2 	
      each of the Transaction Documents (as defined in the RPM
      Funding Common Terms Agreement concluded or to be concluded between,
      inter alia, RPM, the Company, Central Plaza, Anooraq, Micawber 634
      (Proprietary) Limited ("Plateau Security SPV") and Micawber 603
      (Proprietary) Limited, ("RPM Funding Common Terms Agreement")) to
      which it is a party; and

	 	 	 
	 	3.3 	
      any other Transaction Document (as defined in each of the
      Senior Facilities Agreement and the RPM Common Terms Agreement) to which
      it is a party,

	 	 	 
	 		
      (collectively, hereinafter referred to as the
      "Relevant Documents").

The reason for this special resolution
is to authorise the Company to provide any financial assistance as contemplated
in Section 38 of the Act which may arise under the Relevant Documents. 

The effect of this special resolution
is to authorise the Company to provide any financial assistance that may arise
under the Relevant Documents for all purposes required under Section 38(2A)(b)
of the Act. 

	4. 	
      SPECIAL RESOLUTION NO. 4

	 	 
		
      RESOLVED that, to the extent required by Section
      228 of the Act, the Company is authorised to conclude each of the Relevant
      Documents and to grant the security contemplated by the Relevant Documents
      in favour of Plateau Security SPV and to the extent required by Section
      228 of the Act, any sale, disposal or transfer of the assets expressed to
      be subject to the transaction security provided by the Company in favour
      of Plateau Security SPV pursuant to an enforcement of such security in
      accordance with the Relevant Documents is
authorised.

	4.1 	
      The purpose of this resolution is to authorise (in each
      case to the extent required under Section 228 of the
  Act):

	4.1.1 	
      the conclusion of the Relevant Documents and the granting
      of the security contemplated by the Relevant Documents in favour of the
      Plateau Security SPV; and

	 	 
	4.1.2 	
      any sale, disposal or transfer of the assets expressed to
      be subject to the security provided by the Company in favour of the
      Plateau Security SPV pursuant to an enforcement of such security in
      accordance with the Relevant Documents.

	5. 	
      ORDINARY RESOLUTION NO. 1

	 	 
		
      RESOLVED that, subject to the passing and
      registration of special resolution no. 1 and special resolution no.
    2:

	5.1 	
      [•] of the cumulative redeemable
      preference shares of the Company of R[•] each be and
      are hereby placed under the control of the directors of the Company, as a
      specific authority in respect of Section 221(2) of the Act, to allot and
      issue such shares, as A Preference Shares, in accordance with the
      provisions of and on the terms set out in the A Preference Share
      Subscription Agreement.

	5.2 	
      [•] of the cumulative convertible
      preference shares of the Company of R[•] each be and
      are hereby placed under the control of the directors of the Company, as a
      specific authority in respect of Section 221(2) of the Act, to allot and
      issue such shares, as B2 Preference Shares, in accordance with the
      provisions of and on the terms set out in the B2 Preference Share
      Subscription Agreement.

	 	 
	5.3 	
      [•] of the cumulative convertible
      preference shares of the Company of R[•] each be and
      are hereby placed under the control of the directors of the Company, as a
      specific authority in respect of section 221(2) of the Act, to allot and
      issue such shares, as B3 Preference Shares, in accordance with the
      provisions of and on the terms set out in the B3 Preference Share
      Subscription Agreement.

	6. 	
      ORDINARY RESOLUTION NO. 2

	 	 
		
      RESOLVED that any director of the Company be and
      is hereby authorised, instructed and empowered to do all such things, sign
      all such documents and procure the doing of all such things and the
      signature of all such documents as may be necessary to give effect to the
      above resolutions including any amendments
thereto.

Read and approved as a true record of the proceedings

______________________________ 

For: N2 Resources Inc. 

A Preference Share Subscription Agreement (RPM
Plateau)_cl 

SCHEDULE 1 

The articles of association of the Company be and they are
amended by inserting the following new articles 109 and 110 immediately after
the existing article 108 - 

109 "RIGHTS AND PRIVILEGES ATTACHING TO THE CUMULATIVE
REDEEMABLE A PREFERENCE SHARES 

	109.1 	
      Notwithstanding any provision to the contrary in the
      articles of association, the following rights and privileges shall attach
      to the cumulative redeemable preference shares ("the A preference
      shares") in the capital of the Company.

	109.1.1 	
      The A preference shares shall confer the right, on a
      winding-up of the Company, to the repayment, out of the surplus assets of
      the Company, of the capital and any premium paid up thereon, together with
      payment of all arrear and accrued dividends (whether earned, declared or
      not and whether or not there shall have been, prior to such winding-up,
      any profit available for the payment to the holder of the A preference
      shares of the amount payable to them in terms of this article 109.1.1)
      calculated to the date of repayment of capital, in priority to the
      ordinary shares of the Company and any other class of shares of the
      Company not ranking in priority to or pari passu with the A
      preference shares but shall have no further right to participate in the
      profits or assets of the Company.

	 	 
	109.1.2 	
      The A preference shares shall have such par value and
      shall be allotted and issued in such number, at such times and at such
      premium per A preference share as the directors of the Company in their
      sole discretion may determine at the time of and in respect of each
      allotment and issue of the A preference shares.

	 	 
	109.1.3 	
      Subject to the provisions of article 109.1.1, in respect
      of each allotment and issue of such A preference shares, the A preference
      shares shall be designated as a separate class of A preference share
      having such special rights and privileges, whether as to dividend
      entitlement, redemption, conversion, voting rights or otherwise as the
      directors of the Company may, in their sole discretion (prior to or upon
      each allotment and issue) determine.

	 	 
	109.1.4 	
      Subject to the provisions of the Act, the A preference
      shares shall be liable to be redeemed at the discretion of the directors
      on such basis as may be determined by the directors of the Company in
      respect of each allotment of the A preference shares. If any premium paid
      on the issue price is redeemed, it may be redeemed out of the share
      premium account of the Company.

	109.1.5 	
      Subject to article 109.1.3 and save as otherwise
      specified in the terms of issue of the A preference shares determined by
      the directors of the Company in accordance with article 109.1.3 but
      subject to the requirements of the Act, the holder of the A preference
      shares shall not be entitled to vote, either in person or by proxy, at any
      meeting of the Company, by virtue or in respect of the A preference
      shares.

	 	 
	109.1.6 	
      Save as otherwise specified in the terms of issue of the
      A preference shares determined by the directors of the Company in
      accordance with Article 109.1.3, at every general meeting or adjourned
      general meeting of the Company at which holders of the ordinary shares and
      the holders of the A preference shares are present and entitled to vote
      (in terms of article 109.1.5 or in accordance with the terms of issue of
      the A preference shares determined by the directors of the Company in
      accordance with article 109.1.3, as the case may be), upon a poll, a
      holder of A preference shares shall have so many votes as is equal to 75
      percent plus one of the votes attributable to all of the issued shares in
      the Company (including the A preference shares), at the relevant
    time."

110 "RIGHTS AND PRIVILEGES ATTACHING TO THE CUMULATIVE
CONVERTIBLE B PREFERENCE SHARES 

	110.1 	
      Notwithstanding any provision to the contrary in these
      articles of association, the following rights and privileges shall attach
      to the cumulative convertible preference shares ("the B preference
      shares") in the capital of the Company.

	110.1.1 	
      The B preference shares shall confer the right, on a
      winding-up of the Company, to the repayment, out of the surplus assets of
      the Company, of the capital and any premium paid up thereon, together with
      payment of all arrear and accrued dividends (whether earned, declared or
      not and whether or not there shall have been, prior to such winding-up,
      any profit available for the payment to the holder of the B preference
      shares of the amount payable to them in terms of this article 110.1.1)
      calculated to the date of repayment of capital, in priority to the
      ordinary shares of the Company and any other class of shares of the
      Company not ranking in priority to or pari passu with the B preference
      shares but shall have no further right to participate in the profits or
      assets of the Company.

	 	 
	110.1.2 	
      The B preference shares shall have such par value and
      shall be allotted and issued in such number, at such times and at such
      premium per B preference share as the directors of the Company in their
      sole discretion may determine at the time of and in respect of each
      allotment and issue of the B preference shares.

13 

	109.1.3 	
      Subject to the provisions of article 110.1.1, in respect
      of each allotment and issue of such B preference shares, the B preference
      shares shall be designated as a separate class of B preference share
      having such special rights and privileges, whether as to dividend
      entitlement, redemption, conversion, voting rights or otherwise as the
      directors of the Company may (in their sole discretion and prior to or
      upon each allotment and issue) determine.

	 	 
	110.1.4 	
      Subject to the provisions of the Act, the B preference
      shares shall be liable to be converted at the discretion of the directors
      on such basis as may be determined by the directors of the Company in
      respect of each allotment of the B preference shares.

	 	 
	110.1.5 	
      Subject to article 110.1.3 and save as otherwise
      specified in the terms of issue of the B preference shares determined by
      the directors of the Company in accordance with article 110.1.3 but
      subject to the requirements of the Act, the holder of the B preference
      shares shall not be entitled to vote, either in person or by proxy, at any
      meeting of the Company, by virtue or in respect of the B preference
      shares,

	 	 
	110.1.6 	
      Save as otherwise specified in the terms of issue of the
      B preference shares determined by the directors of the Company in
      accordance with article 110.1.3, at every general meeting or adjourned
      general meeting of the Company at which holders of the ordinary shares and
      the holders of the B preference shares are present and entitled to vote
      (in terms of article 110.1.5 or in accordance with the terms of issue of
      the B preference shares determined by the directors of the Company in
      accordance with article 110.1.3, as the case may be), upon a poll, a
      holder of B preference shares shall have so many votes as is equal to 75
      percent plus one of the votes attributable to all of the issued shares in
      the Company (including the B preference shares), at the relevant
    time."

14 

SCHEDULE 2 

RPM PLATEAU "A" PREFERENCE SHARE TERMS 

 

 

 

Table of Contents 

 

	 	 	Page 
	 	 	 
	1. 	Interpretation 	2 
	 	 	 
	2. 	Participation
      in Profits and Assets 	5 
	 	 	 
	3. 	Redemption 	8 
	 	 	 
	4. 	Trigger
      Events 	11 
	 	 	 
	5. 	Meetings
      and Voting 	12 
	 	 	 
	6. 	Board
      Representation 	14 
	 	 	 
	7. 	Information
      Undertakings 	15 
	 	 	 
	8. 	Other
      Undertakings 	16 
	 	 	 
	9. 	Adjustments
      to Amounts Payable 	16 
	 	 	 
	10. 	Mitigation 	18 
	 	 	 
	11. 	Payments 	19 
	 	 	 
	12. 	Calculations
      and Certificates 	20 
	 	 	 
	13. 	Transfer
      of Preference Shares 	21 

The following rights and privileges ("the RPM Plateau A
  Preference Share Terms") shall attach to the cumulative, redeemable
  preference par value shares of R1.00 each in the share capital of the
  Company.

	1. 	INTERPRETATION

	1.1 	Definitions

	 	 
		In these RPM Plateau A Preference Share Terms, unless
      inconsistent with the context, the words and expressions set forth below
      shall bear the following meanings:

	1.1.1 	A Preference Dividend means the cumulative,
      preferential cash dividend payable on an A Preference Share under Clause
      2.1 (Preference Dividends);

	 	 
	1.1.2 	A Preference Share means a cumulative, redeemable
      preference par value share of R1.00 in the share capital of the Company,
      having the rights and privileges set out in these RPM Plateau A Preference
      Share Terms;

	 	 
	1.1.3 	Arrear Dividend means any A Preference Dividend or
      part thereof which is not paid when due on a Dividend Payment Date, as
      contemplated by Clause 2.6 (Arrear Dividends);

	 	 
	1.1.4 	Companies Act means the Companies Act, 61 of 1973,
      including all regulations promulgated under that act;

	 	 
	1.1.5 	Company means Plateau Resources (Proprietary)
      Limited, registration number 1996/013879/07, a company incorporated under
      the laws of South Africa;

	 	 
	1.1.6 	Dividend Date means in respect of an A Preference
      Dividend, the earlier in each case of:

	 	(a) 	the last day of March, June, September and December in
      each calendar year; and

	 	 	 
	 	(b) 	the day falling on 3 monthly intervals after the Closing
      Date in each calendar year;

	1.1.7 	Dividend Payment Date has the meaning given to
      that term in Clause 2.4.1;

	 	 
	1.1.8 	Dividend Period, in respect of an A Preference
      Share, means:

	 	(a) 	a period of 3 months commencing on the day immediately
      following a Dividend Date and ending on the next succeeding Dividend Date,
      provided that the first such period will commence on the day following the
      Issue Date and end on the first Dividend Date and the last such period
      will commence on the day immediately following the last Dividend Date
      before its Redemption Date and end on its Redemption Date (in each case,
      including the first and the last day of those periods);
      and

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	 	(b) 	any other period determined under these RPM Plateau A
      Preference Share Terms by reference to which an A Preference Dividend is
      calculated;

	1.1.9 	Dividend Rate means a fixed rate equal to 12 per
      cent. (naca) which for the purposes of aligning such rate to the Dividend
      Period, is equal to 11.49 per cent. (nacq) (subject to adjustment under
      Clause 9.2.2 (Consequences of a Variation Event));

	 	 
	1.1.10 	Final Redemption Date means the first Business Day
      falling 9 years after the Issue Date;

	 	 
	1.1.11 	GAAP means South African Generally Accepted
      Accounting Practice, including IFRS;

	 	 
	1.1.12 	Holder means the Original Holder and any other
      person registered as a holder of an A Preference Share in the register of
      members of the Company, from time to time;

	 	 
	1.1.13 	IFRS means international accounting standards
      within the meaning of IAS Regulation (EC) No 1606/2002 of the European
      Parliament and of the Council of the European Union;

	 	 
	1.1.14 	Income Tax Act means the Income Tax Act, 58 of
      1962, including all regulations promulgated under that act;

	 	 
	1.1.15 	Issue Date, in respect of an A Preference Share,
      means the date on which the Company allots and issues that A Preference
      Share to a Holder;

	 	 
	1.1.16 	Issue Price, in respect of an A Preference Share,
      means the aggregate all- inclusive price at which the Company allots and
      issues that A Preference Share to a Holder, being its par value of R1.00
      plus a premium of R1 199 999;

	 	 
	1.1.17 	Majority Holders means one or more Holders who
      hold 51 per cent. or more of the outstanding A Preference
      Shares;

	 	 
	1.1.18 	Material Holder means a Holder who holds more than
      10 per cent. of the outstanding A Preference Shares;

	 	 
	1.1.19 	Ordinary Resolutions means ordinary resolutions of
      the members of the Company, adopted on or about the date of the RPM
      Plateau A Preference Share Subscription Agreement, inter alia, to
      place the authorised but unissued A Preference Shares under the control of
      the directors of the Company, with the authority to allot and issue those
      shares;

	 	 
	1.1.20 	Ordinary Shareholder means N2C Resources Inc,
      registration number CR- 94611, a company incorporated under the laws of
      the Cayman Islands and the holder of all the ordinary shares in the share
      capital of the Company;

	 	 
	1.1.21 	Original Holder means Rustenburg Platinum Mines
      Limited, registration number 1931/003380/06, a company incorporated under
      the laws of South

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		Africa;

	 	 
	1.1.22 	Rand, ZAR or R means the lawful
      currency, from time to time, of South Africa;

	 	 
	1.1.23 	Redemption Amount, in respect of an A Preference
      Share, means (subject to adjustment under Clause 9.2.3 (Consequences of a
      Variation Event)) an amount equal to the aggregate of the
      following:

	 	(a) 	the Issue Price of that A Preference Share;

	 	 	 
	 	(b) 	all A Preference Dividends which, under these RPM Plateau
      A Preference Share Terms, ought to have been declared on that A Preference
      Share by the Redemption Date, except to the extent that it has been paid
      or constitutes an Arrear Dividend whether or not the Company has profits
      or reserves available for distribution or has declared those A Preference
      Dividends (or is able to do so), and regardless of whether it is possible
      in law to declare or pay those A Preference Dividends; and

	 	 	 
	 	(c) 	all Arrear Dividends,

		reduced by any payment received for the benefit of a
      Holder under the Finance Documents;

	 	 
	1.1.24 	Redemption Date, in respect of an A Preference
      Share, means the Scheduled Redemption Date, the Final Redemption Date or
      any earlier date on which that A Preference Share is to be redeemed under
      these RPM Plateau A Preference Share Terms;

	 	 
	1.1.25 	Representative Agent means the representative
      agent appointed by the Holders in accordance with Clause 14
      (Representative Agent);

	 	 
	1.1.26 	Restricted Period, in respect of an A Preference
      Share, means the period commencing on the Issue Date of that A Preference
      Share and expiring on the first Business Day falling after the third
      anniversary of that date;

	 	 
	1.1.27 	RPM Funding Common Terms Agreement means the
      written common terms agreement dated on or about the Signature Date
      between inter alia the Parent, N1C Resources, the Ordinary
      Shareholder, the Original Holder and the Company;

	 	 
	1.1.28 	RPM Plateau A Preference Share Subscription Agreement means the preference share subscription agreement, dated on or about
      the date of the RPM Funding Common Terms Agreement, between the Original
      Holder, the Ordinary Shareholder and the Company;

	 	 
	1.1.29 	Scheduled Redemption Date means the first Business
      Day falling 6 years after the Issue Date;

	 	 
	1.1.30 	South Africa means the Republic of South
      Africa;

	 	 
	1.1.31 	Special Resolutions means the special resolutions
      of the member of the

	RPM Plateau A Preference Share Terms- 	4	 
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		Company, adopted on or about the date of the RPM Plateau
      A Preference Share Subscription Agreement, inter alia, to authorise
      the creation of the A Preference Shares, to incorporate the RPM Plateau A
      Preference Share Terms in the articles of association of the Company and
      to authorise the Company to enter into those of the Finance Documents to
      which it is a party, for the purposes of section 38(2A) of the Companies
      Act;

	 	 
	1.1.32 	STC means secondary tax on companies levied under
      Part VII of the Income Tax Act; and

	 	 
	1.1.33 	Trigger Event means an event specified as such in
      Clause 4 (Trigger Events).

	1.2 	Construction

	1.2.1 
	Capitalised terms not defined in Clause 1.1 (Definitions)
      shall have the meaning ascribed to such capitalised term under the RPM
      Funding Common Terms Agreement and the provisions of Clauses 1.2 and 1.3
      of the RPM Funding Common Terms Agreement shall apply mutatis mutandis to these RPM Plateau A Preference Share Terms.

	 	 
	1.2.2 	Reference to profits and reserves of the
      Company under these RPM Plateau

		A Preference Share Terms should not under any
      circumstances whatsoever be construed as being reference to accounting
      profits of the Company but instead should be interpreted as reference to
      profits including but not limited to operating profits, distributable
      reserves (including revaluation reserves) whether realized or unrealized
      or whether recorded for accounting purposes or not and any other sources
      of funds or amounts, to the fullest extent possible at law, from which the
      Company is able to declare dividends, pay or make distributions to
      shareholders.

	 	 
	1.2.3 	A Trigger Event being continuing means that it has
      not been remedied or waived.

	2. 	PARTICIPATION IN PROFITS AND
      ASSETS

	2.1 	A Preference Dividends

	2.1.1 	Each A Preference Share confers on the Holder thereof
      (registered as such on a Dividend Date) the right to receive out of the
      profits or reserves of the Company which are available for distribution on
      that Dividend Date, in priority to and before any provision for,
      declaration or payment of any dividend or capital or other distribution on
      another class of share in the capital of the Company, a cumulative,
      preferential cash dividend (an A Preference Dividend) in an amount
      calculated in accordance with Clause 2.1.2 below.

	 	 
	2.1.2 	The amount of the A Preference Dividend per A Preference
      Share must be calculated for each Dividend Period, in accordance with the
      following formula:

            B
  × C × [D + E] 

  A =             
  365

	RPM Plateau A Preference Share Terms- 	5	 
	           12-06-09-sign 	 	 

where: 

	 	A 	= 	the A Preference Dividend per A Preference Share for that
      Dividend Period; 

	 	 	 	 

	 	B 	= 	the Dividend Rate; 

	 	 	 	 

	 	C 	= 	the number of days in that Dividend Period; 

	 	 	 	 

	 	D 	= 	an amount equal to the Redemption Amount per A Preference
      Share on the first day of that Dividend Period; 

	 	 	 	 

	 	E 	= 	the aggregate of all amounts per A Preference Share
      determined under these RPM Plateau A Preference Share Terms for all
      preceding Dividend Periods including Arrear Dividends, to the extent that
      those amounts have not been paid and, for any reason, are not included in
      D above. 

	2.2 	Calculation and accrual of Preference
      Dividends

	2.2.1 	All A Preference Dividends must be calculated as if they
      accrue on a day-to-day basis during the Dividend Period to which they
      relate.

	 	 
	2.2.2 	An A Preference Dividend shall accrue to the Holder of an
      A Preference Share in full on its Dividend Date, provided only that the
      Company is able to pay that A Preference Dividend on the applicable date.
      No further resolution by the directors or the members of the Company to
      declare an A Preference Dividend will be required for an A Preference
      Dividend to accrue to a Holder, unless such a resolution is required by
      applicable law.

	2.3 	Obligation to declare Preference
      Dividends

	2.3.1 	Subject to Clause 2.4.4, the Company must, on each
      applicable Dividend Date, declare a dividend on all A Preference Shares
      which remain outstanding on that date, for an amount not less than the A
      Preference Dividend on those A Preference Shares for the Dividend Period
      then ending.

	 	 
	2.3.2 	If, at any time, the profits and/or reserves of the
      Company which are available for distribution on a Dividend Payment Date
      fall short of the aggregate amount of all A Preference Dividends which
      ought to be declared on that date:

	 	(a) 	the Company must, to the fullest extent of all its
      profits and/or reserves which are then available for distribution, apply
      those profits and/or reserves to declare A Preference Dividends on that
      date; and

	 	 	 
	 	(b) 	to the extent only of that shortfall, the Company will
      not be required to declare an A Preference Dividend which ought to be
      declared on that date,

but whenever the profits and/or reserves
  of the Company which are available for distribution on the next or any subsequent
  Dividend Date exceed the amount of the A Preference Dividends which ought to
  be declared on that date for the 

	RPM Plateau A Preference Share Terms- 	6	 
	           12-06-09-sign 	 	 

		Dividend Period then ending, the Company must immediately
      apply those surplus profits and/or reserves, to the full extent thereof,
      to declare an A Preference Dividend (if any) which it ought to have
      declared on an earlier Dividend Date but which it failed to declare as a
      result of a shortfall in profits and/or reserves available for
      distribution on that earlier date. In addition and provided that no
      Trigger Event has occurred and is continuing, for so long as the Company
      is liable to pay STC upon the declaration of a Preference Dividend, the
      Company must take into account its STC liability in determining the extent
      of the profits and/or reserves available for distribution under this
      Clause 2.3.3. If there are insufficient profits and/or reserves to cover
      the payment required to settle the STC liability on the Dividend Date, the
      Company may (without prejudice to a Holder's rights or remedies under any
      of the Finance Documents or at law) hold over the declaration of a
      Preference Dividend to the extent only of the shortfall in respect of the
      STC Liability to a subsequent Dividend Date in the manner set out in this
      Clause 2.3.3.

	 	 
	2.3.3 	The profits and/or reserves which are available for
      distribution by the Company on a Dividend Date, must be applied to declare
      dividends on the A Preference Shares in the following order of
      priority:

	 	 
		first, an A Preference Dividend (if any) which
      ought to have been declared on a preceding Dividend Date, but which the
      Company failed to declare i.e. an Arrear Dividend (in the same order or
      priority); and

	 	 
		second, the A Preference Dividend for the Dividend
      Period then ending.

	 	 
	2.3.4 	If, whenever an A Preference Share is redeemed or
      repurchased and the relevant share certificate is surrendered to the
      Company or its nominee, it fails to pay the Redemption Amount in full, the
      Company will remain liable to declare all A Preference Dividends on that A
      Preference Share and, until the date on which the balance of the
      Redemption Amount is paid in full, those A Preference Dividends will be
      calculated and accrue without interruption to the person who was the
      Holder of that A Preference Share immediately before that redemption or
      repurchase, as if that redemption or repurchase had not
      occurred.

	2.4 	Payment of Preference
      Dividends

	2.4.1 	For the purposes of these RPM Plateau A Preference Share
      Terms, a Dividend Payment Date occurs on each of the following
      dates:

	 	(a) 	(except in respect of an A Preference Share which is
      redeemed on an earlier date) on 31 July and 31 January in each calendar
      year; or

	 	 	 
	 	(b) 	in respect of an A Preference Share which is redeemed on
      a date other than a Dividend Date detailed in (a) above, on its Redemption
      Date.

	2.4.2 	An A Preference Dividend must be paid in full in arrear
      on each Dividend Payment Date, for the Dividend Period then
      ending.

	 	 
	2.4.3 	Any partial payment in respect of accrued A Preference
      Dividends must be applied in settlement of those A Preference Dividends in
      the order in which those A Preference Dividends have been
      declared.

	RPM Plateau A Preference Share Terms- 	7	 
	           12-06-09-sign 	 	 

	2.4.4 	Without derogating from the Company's obligation to
      declare A Preference Dividends as contemplated in Clause 2.3 (Obligation
      to declare Preference Dividends), the payment of an A Preference Dividend
      by the Company under these RPM Plateau A Preference Share Terms is subject
      to and will be paid in accordance with the Borrower Cash Waterfall and the
      relevant provisions of the Global Intercreditor
      Agreement.

	2.5 	A Preference Dividends cumulative

	 	 
		Each A Preference Dividend is a cumulative dividend
      which, to the extent that it is not paid on a Dividend Date (whether or
      not it is declared or required to be paid on that date), will accumulate,
      be compounded with and, for the purposes of calculating the Redemption
      Amount of an A Preference Share and the A Preference Dividend for any
      Dividend Period ending after that date, must be added to the Issue Price
      of that A Preference Share with effect from the first day after that
      Dividend Date.

	 	 
	2.6 	Arrear Dividends

	 	 
		If, on a Dividend Payment Date, the Company fails to pay
      an A Preference Dividend or any part thereof, that Preference Dividend, to
      the extent that it is not paid, will be an Arrear Dividend, whether or not
      the Company has profits or reserves available for distribution or has
      declared that A Preference Dividend (or is able to do so), and regardless
      of whether it is possible in law to declare or pay that Preference
      Dividend.

	 	 
	2.7 	Adjustments to the Dividend Rate

	 	 
		The Dividend Rate shall be recalculated whenever required
      pursuant to Clause 9 (Adjustments to Amounts Payable) following the
      occurrence of a Variation Event (as defined in that Clause 9 (Adjustments
      to Amounts Payable)).

	 	 
	2.8 	Winding-up and return of capital

	 	 
		Each A Preference Share, on a winding-up or any return of
      capital by the Company, confers on the Holder thereof (registered as such
      on the relevant date), in priority to and before any provision for, or
      payment of, any distribution on another class of share in the capital of
      the Company which does not rank pari passu with the A Preference
      Shares, the right to receive in full out of the assets of the Company, pro
      rata with the Holders of all other A Preference Shares which are then
      outstanding, an amount equal to the Redemption Amount.

	 	 
	2.9 	No further participation

	 	 
		Except as provided in Clauses 2.1 (Preference Dividends)
      to 2.8 (Winding-up and return of capital) above, an A Preference Share
      does not confer on its Holder any right to participate in the profits or
      in any distribution of the assets or capital of the
      Company.

	RPM Plateau A Preference Share Terms- 	8	 
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	3. 	REDEMPTION

	3.1 	Mandatory redemption - Redemption Date

	 	 
		On the Scheduled Redemption Date, the Company must redeem
      all A Preference Shares which remain outstanding on that date, in full, at
      the applicable Redemption Amount. If the Company is able to redeem only
      part of (and not all) the A Preference Shares on the Scheduled Redemption
      Date, then the remaining A Preference Shares, must be redeemed on the
      Final Redemption Date, in full, at the applicable Redemption
      Amount.

	 	 
	3.2 	Mandatory redemption -
      illegality

	3.2.1 	If it becomes unlawful in any applicable jurisdiction for
      a Holder to hold any A Preference Shares, to fund or maintain its
      investment in A Preference Shares or to claim or recover (in whole or in
      part) any A Preference Dividend, Arrear Dividend or Redemption Amount, the
      Holder must, promptly upon becoming aware of that illegality, deliver to
      the Company, by 5 Business Days' notice (a

	 	 
		Mandatory Event Redemption Notice) requiring the
      Company to redeem some or all of the A Preference Shares in full, at the
      applicable Redemption Amount (without prejudice to any other rights or
      remedies which a Holder may have under any Finance Document or at law) on
      the earlier of the following dates:

	 	(a) 	the next succeeding Dividend Payment Date; and

	 	 	 
	 	(b) 	the date specified by the Holder in that notice, which
      must not be earlier than the last day of any applicable grace period
      permitted by law.

	3.2.2 	Notwithstanding the above provisions, the Company will
      not be obliged to redeem any A Preference Share under this Clause 3.2
      (Mandatory redemption – illegality), before the date on which the Holder
      delivers to the Company a Mandatory Event Redemption Notice.

	 	 
	3.2.3 	Any notice given under this Clause 3.2 (Mandatory
      redemption – illegality) will take effect in accordance with its
      terms.

	3.3 	Mandatory redemption - change of control or sale of
      business

	3.3.1 	Upon the occurrence of:

	 	(a) 	a Change of Control; or

	 	 	 
	 	(b) 	a disposal of all or substantially all the assets of a
      member of the Anooraq Group, whether in a single transaction or a series
      of related transactions (other than a Project Company) (an Asset
        Sale),

		the Company must immediately notify the Holder.

	 	 
	3.3.2 	Following a Change of Control or an Asset Sale, the
      Holder may deliver to the Company a notice (a Mandatory Event Trigger
        Notice) requiring it to

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		immediately apply all amounts which are available for
      distribution to the shareholders of the Company (ignoring any restrictions
      on dividends or other distributions contained in the memorandum or
      articles of association of the Company) to pay any Arrear Dividend (in
      each case within the period stipulated in that notice).

	 	 
	3.3.3 	If the Company fails to comply with a Mandatory Event
      Trigger Notice, the Holder may by 5 Business Days' notice (a Mandatory
        Event Redemption Notice) to the Company, require the Company to redeem
      some or all of the A Preference Shares in full, at the applicable
      Redemption Amount (without prejudice to any other rights or remedies which
      a Holder may have under any Finance Document or at law) on the earlier of
      the following dates:

	 	(a) 	the next succeeding Dividend Payment Date; and

	 	 	 
	 	(b) 	the date specified by the Holder in the that notice,
      which must not be earlier than the last day of any applicable grace period
      permitted by law,

		subject to and in accordance with the Borrower Cash
      Waterfall and the relevant provisions of the Global Intercreditor
      Agreement.

	 	 
	3.3.4 	Notwithstanding the above provisions, the Company will
      not be obliged to redeem any A Preference Share under this Clause 3.3,
      before the date on which the Holder delivers to the Company a Mandatory
      Event Redemption Notice.

	 	 
	3.3.5 	Any notice given under this Clause 3.3 (Mandatory
      redemption - change of control or sale of business) will take effect in
      accordance with its terms.

	3.4 	Mandatory redemption -
      refinancing

	3.4.1 	The Company must undertake a Mandatory Debt Refinance in
      accordance with the process and within the time period set out under the
      RPM Funding Common Terms Agreement.

	 	 
	3.4.2 	The proceeds of the Mandatory Debt Refinance will be
      applied to the settlement of the Standby Facility and the OCSF Facility in
      accordance with the provisions of the Borrower Cash Waterfall and the
      relevant provisions of the Global Intercreditor Agreement.

	 	 
	3.4.3 	Following the application of the proceeds of Mandatory
      Debt Refinance in the manner contemplated under Clause 3.4.2, the Company
      shall redeem so many of the A Preference Shares which then remain
      outstanding (rounded down to the nearest whole number), as are equal to
      the number obtained by dividing the cash amount standing to the credit of
      the Borrower Proceeds Account, by the Redemption Amount per A Preference
      Share at the relevant time.

	3.5 	Implementation of a
      redemption

	3.5.1 	If an A Preference Share is to be redeemed under these
      RPM Plateau A Preference Share Terms, the Company, subject to the
      Companies Act, must

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		implement that redemption as detailed below in this
      Clause 3.5.

	 	 
	3.5.2 	Before an A Preference Share is redeemed and the
      Redemption Amount is paid, as a condition to such redemption, the Company
      must declare (to the extent that it has not done so already) and pay all A
      Preference Dividends (including Arrear Dividends, if any) on that A
      Preference Share which have not been declared or paid before.

	 	 
	3.5.3 	The Company must fund a redemption of A Preference Shares
      from its reserve accounts as follows:

	 	(a) 	first, by reducing (and debiting) its share premium
      account by an amount up to the Issue Price of those A Preference Shares,
      to the maximum extent that it is able to do so; and

	 	 	 
	 	(b) 	thereafter, by reducing (and debiting) its distributable
      reserves by the balance of the Redemption
      Amount.

	3.5.4 	The Company must redeem an A Preference Share by paying
      the full Redemption Amount in cash to the Holder thereof on the applicable
      Redemption Date.

	 	 
	3.5.5 	Against the unconditional receipt in full of the
      applicable Redemption Amount, a Holder must surrender to the Company the
      share certificate for the A Preference Share concerned (or, if that share
      certificate has been lost or destroyed, proof of that loss or destruction
      and such indemnities as the Company may reasonably require), in order that
      the certificate may be cancelled.

	 	 
	3.5.6 	The Company may redeem an A Preference Share in any
      manner permissible at law and, subject to the Companies Act and Clause
      3.5.3 above, may fund any premium payable on the redemption of an A
      Preference Share from the profits of the Company, its share premium
      account, its distributable reserves or out of the proceeds of a fresh
      issue of shares.

	 	 
	3.5.7 	If following the application of the proceeds credited to
      the Borrower Proceeds Account in accordance with the Borrower Cash
      Waterfall, during the Restricted Period, there are sufficient cash
      proceeds available to the Company for the redemption of A Preference
      Shares, the Company may elect to either redeem such A Preference Shares in
      accordance with Clause 3.5.4 or to pay such proceeds into a separate cash
      deposit account to be applied to the redemption of such A Preference
      Shares on the first day following the expiry of the Restricted Period, as
      contemplated under the Global Intercreditor Agreement.

	 	 
	3.5.8 	Subject to Clause 3.5.7, if following the application of
      the proceeds credited to the Borrower Proceeds Account in accordance with
      the Borrower Cash Waterfall at any time prior to the Final Redemption
      Date, there are sufficient cash proceeds available to the Company for the
      redemption of A Preference Shares, the Company must redeem so many of the
      A Preference Shares which then remain outstanding (rounded down to the
      nearest whole number), as are equal to the number obtained by dividing
      such cash proceeds by the Redemption Amount per A Preference Share at the
      relevant times.

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	4. 	TRIGGER EVENTS

	 	 
		Each Event of Default under the RPM Funding Common Terms
      Agreement is a Trigger Event for the purposes of these RPM Plateau
      A Preference Share Terms.

	4.1 	Consequences of Trigger
      Event

	4.1.1 	If a Trigger Event occurs and is continuing, the Holder
      may, and must if so instructed by the Majority Holders, deliver to the
      Company a notice (a Trigger Notice) requiring it
      to:

	 	(a) 	immediately apply all amounts which are available for
      distribution to the shareholders of the Company (ignoring any restrictions
      on dividends or other distributions contained in the memorandum or
      articles of association of the Company) to pay any Arrear Dividend;
      and

	 	 	 
	 	(b) 	remedy the relevant Trigger
      Event,

		in each case within the period stipulated in that
      notice.

	 	 
	4.1.2 	If the Company fails to comply with a Trigger Notice, the
      Holder may, and must if so instructed by the Majority Holders, by 10
      Business Days' notice (an Early Redemption Notice) to the Company,
      require the Company to redeem some or all of the A Preference Shares in
      full, at the applicable Redemption Amount (without prejudice to any other
      rights or remedies which a Holder may have under any Finance Document or
      at law), provided that all payment obligations of the Company under this
      Clause 4 (Trigger Events) are made subject to and in accordance with the
      Borrower Cash Waterfall and the relevant provisions of the Global
      Intercreditor Agreement.

	 	 
	4.1.3 	Notwithstanding the occurrence of a Trigger Event, the
      Company will not be obliged to redeem any A Preference Share pursuant to
      this Clause 4, before the date on which the Holder delivers to the Company
      an Early Redemption Notice.

	 	 
	4.1.4 	Any notice given under this Clause 4.1 (Consequences of a
      Trigger Event) will take effect in accordance with its
      terms.

	5. 	MEETINGS AND VOTING

	5.1 	Right to attend general meetings and
      vote

	 	 
		A Holder must be given notice of every general meeting
      and adjourned general meeting of the Company and is entitled to be present
      at those meetings, but may vote an A Preference Share (in person by
      representative or by proxy) only if, on the date of that meeting, in the
      opinion of the Holder, all applicable regulatory approvals required for a
      Holder to vote have been obtained and one or more of the following
      circumstances continue (and for so long as it
      continues):

	5.1.1 	a Trigger Event has occurred and is continuing;

	 	 
	5.1.2 	save as contemplated under Clause 3.5.7, a Redemption
      Amount is overdue

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		and remains unpaid; or

	 	 
	5.1.3 	a resolution of the Company is proposed (other than a
      resolution contemplated by Clause 5.3 (Right to call general meetings))
      which directly affects the rights or privileges attaching to the A
      Preference Shares or the interests of the Holders, including a
      resolution:

	 	(a) 	to wind-up, liquidate or dissolve the Company, or to have
      it placed under judicial management (whether provisionally or finally), or
      to pursue a moratorium or a composition or similar arrangement with any of
      its creditors;

	 	 	 
	 	(b) 	to redeem, purchase, defease, retire or repay any shares
      or share capital in the Company or any instrument convertible into shares
      or share capital (other than an A Preference Share, Pelawan SPV Plateau B2
      Preference Share or a Pelawan SPV Plateau B3 Preference Share);

	 	 	 
	 	(c) 	to create any shares in the Company (or any instrument
      convertible into shares other than the Pelawan SPV Plateau B2 Preference
      Shares or Pelawan SPV Plateau B3 Preference Shares) which rank in priority
      to or pari passu with the A Preference Shares in respect of rights
      to dividends or a return of capital;

	 	 	 
	 	(d) 	to repay or distribute any share premium account or
      non-distributable reserve (except in or towards payment of a Redemption
      Amount);

	 	 	 
	 	(e) 	to declare, make or pay, or pay interest on any unpaid
      amount of, any dividend, charge, fee, capitalisation shares or other
      distribution (whether in cash or in kind) on or in respect of its shares
      or share capital or any class of its share capital, except as is permitted
      by law and under these RPM Plateau A Preference Share Terms;

	 	 	 
	 	(f) 	to pay or allow any member of the Anooraq Group to pay
      any management, advisory or other fee to or to the order of the Ordinary
      Shareholder (or any of its Affiliates) (except if such payment is a
      permitted under any Finance Document and is not restricted under the RPM
      Funding Common Terms Agreement); or

	 	 	 
	 	(g) 	to dispose of the whole, or substantially the whole, of
      the undertaking of the Company or an Obligor, or the whole or the greater
      part of its or an Obligor's assets (except if such disposal is a Permitted
      Disposal).

	5.2 	Loading of votes when Holders may vote

	 	 
		At every general meeting or adjourned general meeting of
      the Company at which a Holder is present and entitled to vote on a
      particular matter, the provisions of these RPM Plateau A Preference Share
      Terms relating to the general meetings of ordinary members will apply mutatis mutandis, except that:

	5.2.1 	a quorum at any such meeting will be a person or persons
      holding or representing by proxy at least one quarter of the A Preference
      Shares which are then outstanding;

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	5.2.2 	the A Preference Shares, collectively, will have so many
      votes as is equal to 75 per cent. plus one of the votes attributable to
      all of the issued shares in the Company (including the A Preference
      Shares), and those votes will be divided amongst the Holders according to
      the proportions in which they hold the A Preference Shares;

	 	 
	5.2.3 	all resolutions put to the meeting shall be voted by way
      of a poll; and

	 	 
	5.2.4 	no resolution on that matter will be carried unless all
      the Holders have voted all their A Preference Shares in favour of that
      resolution.

	5.3 	Right to call general meetings

	 	 
		If, at any time, a Holder would be entitled to vote its A
      Preference Shares under Clause 5.1 (Right to attend general meetings and
      vote) at a general meeting of the Company, if one were to be held, any
      Holder may, by notice to the Company, require the Company to call a
      general meeting of its members (or any class of them) to consider any of
      those matters on which Holders are entitled to vote, including a
      resolution to declare an A Preference Dividend when required under these
      RPM Plateau A Preference Share Terms or otherwise requiring the Company to
      comply with its obligations to Holders. Notwithstanding any other
      provision of these RPM Plateau A Preference Share Terms, a resolution
      adopted at such a meeting will be binding on and must be given effect to
      by the Company and the directors of the Company.

	 	 
	5.4 	Class meetings

	 	 
		The provisions of these RPM Plateau A Preference Share
      Terms relating to general meetings of the ordinary shareholders apply mutatis mutandis to a separate class meeting of Holders, except
      that a quorum at a class meeting of Holders will be one or more Holders
      who hold or represent by proxy at least one quarter of the A Preference
      Shares. However, if at an adjourned class meeting a quorum is not present,
      the provisions of the articles of association of the Company relating to
      adjourned general meetings of ordinary shareholders apply.

	 	 
	5.5 	Consents and approvals

	 	 
		Unless expressly otherwise provided in these RPM Plateau
      A Preference Share Terms (including where consents and approvals may be
      given on the instructions of the Majority Holders), whenever the consent
      or approval of the Holders is required by these RPM Plateau A Preference
      Share Terms, a valid consent or approval will only be given
      if:

	5.5.1 	it is given by Holders of at least three quarters of the
      outstanding A Preference Shares; or

	 	 
	5.5.2 	it is sanctioned by a resolution passed at a separate
      class meeting of the Holders in the same manner, mutatis mutandis,
      as a special resolution of the ordinary shareholders of the
      Company.

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	6. 	BOARD REPRESENTATION

	6.1 	If a Trigger Event occurs and is continuing, each
      Material Holder may:

	6.1.1 	subject to Clause 6.2, appoint one person to the board of
      directors of the Company; or

	 	 
	6.1.2 	nominate a person to attend all board meetings as an
      observer,

		and the Company must ensure that any person so appointed
      or nominated is appointed as a director of the Company or given access as
      an observer to board meetings (as applicable).

	 	 
	6.2 	If the Representative Agent has been appointed in terms
      of Clause 14.1, the Material Holders will appoint or nominate the
      Representative Agent or, if appropriate, such other person as the Material
      Holders may decide, to fulfil the role of a director or observer (as
      applicable) contemplated under Clause 6.1, in order to represent the
      interests of each of the Material Holders and to vote in accordance with
      such interests. The Material Holders, in making an appointment to the
      board of directors, will take account of any HDP requirements applicable
      to the composition of the board of directors of the Company, at the time
      of the appointment, and ensure that the appointment does not prejudice the
      Company's ability to comply with the relevant HDP requirements.

	 	 
	6.3 	The Material Holders may by agreement remove and replace
      any director who has been appointed by them under this Clause 6.

	 	 
	6.4 	An appointment or a removal of a director, to the extent
      permissible at law, must be effected by notice by the Material Holders to
      the Company, and will be effective on the date on which the Company
      receives that notice.

	 	 
	6.5 	The Material Holders who removes a director appointed by
      them under this Clause 6 must indemnify the Company against claims by that
      director for wrongful or unfair dismissal, or redundancy or other
      compensation arising out of that removal or loss of office.

	 	 
	6.6 	Notwithstanding any other provision of these RPM Plateau
      A Preference Share Terms, a director appointed by the Material Holders may
      at any time convene a meeting of the directors of the Company by 7 days'
      notice to all the other directors (which notice must include an agenda of
      matters to be discussed at that meeting).

	7. 	INFORMATION
      UNDERTAKINGS

	7.1 	Notification of Trigger
      Events

	7.1.1 	The Company must notify the Holder of a Trigger Event
      (and the steps, if any, being taken to remedy it) promptly upon becoming
      aware of its occurrence.

	 	 
	7.1.2 	Promptly on request by the Holder, the Company must
      supply to it a certificate, signed by two of its directors or senior
      officers on its behalf, certifying that no Trigger Event is continuing or,
      if such an event is continuing, specifying
      that

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event and the steps, if any, being
  taken to remedy it. 

	7.2 	Notices

	7.2.1 	Any communication in connection with an A Preference
      Share must be in writing.

	 	 
	7.2.2 	Communications in connection with a Finance Document,
      other than a redemption notice, a notice of intended cession, delegation
      or transfer, a notice of default or a notice in connection with a Trigger
      Event, may also be given by any form of electronic communication
      previously approved in writing by the Holder.

	8. 	OTHER UNDERTAKINGS

	8.1 	No modification of rights and privileges

	 	 
		Without the approval of the Holders, as required under
      Clause 5.5 (Consents and approvals):

	8.1.1 	the terms of the A Preference Shares may not be
      modified;

	 	 
	8.1.2 	the share capital, share premium and non-distributable
      reserves of the Company may not be reduced, repaid or distributed (except
      in or towards payment of: i) a Redemption Amount; or ii) a dividend in
      respect of the Pelawan SPV Plateau B2 Preference Shares or the Pelawan SPV
      Plateau B3 Preference Shares); and

	 	 
	8.1.3 	no shares in the capital of the Company ranking in
      priority to or pari passu with the A Preference Shares, in respect
      of rights to dividends or a return of capital, may be created or
      issued.

	8.2 	Action by the Ordinary Shareholder

	 	 
		The Ordinary Shareholder must pass all resolutions and
      approve all actions of the directors of the Company which may be required,
      from time to time, for the payment of A Preference Dividends and
      Redemption Amounts.

	9. 	ADJUSTMENTS TO AMOUNTS
      PAYABLE

	9.1 	Variation Events

	 	 
		For the purposes of this Clause
      9:

	9.1.1 	a Tax Event occurs if, at any
      time:

	 	(a) 	any cost, loss or liability arises which a Holder (in its
      absolute discretion) determines has been or will be suffered (directly or
      indirectly), for or on account of Tax in relation to an amount received or
      receivable (or any amount deemed to be received or receivable) under these
      RPM Plateau A Preference Share Terms or in connection with the
      subscription for,

	RPM Plateau A Preference Share Terms- 	16	 
	           12-06-09-sign 	 	 

	 		holding or funding of an A Preference Share;

	 	 	 
	 	(b) 	any deduction or withholding is required to be made for
      or on account of Tax from any payment by the Company in respect of an A
      Preference Share, or the amount of a deduction or withholding is increased
      or reduced;

	 	 	 
	 	(c) 	the amount of any Preference Dividend, or any part
      thereof, (or any Redemption Amount or part thereof which is a dividend for
      the purposes of the Income Tax Act) which a Holder is able to take into
      account for the purposes of determining its liability for STC or other Tax
      on dividends (if applicable) is increased or reduced;

	 	 	 
	 	(d) 	the rate of STC is increased or reduced or STC is
      abolished as a Tax; or

	 	 	 
	 	(e) 	a cost, loss or liability arises in relation to any
      payment made by the Original Holder to its shareholders, as a result of
      any of the events or circumstances contemplated in (b) to (d)
      above;

	9.1.2 	a Variation Event occurs if, at any time, as a
      result of:

	 	(a) 	the introduction of, or any change in, or a change in the
      interpretation, administration or application of, any law or
      regulation;

	 	 	 
	 	(b) 	compliance with any law or regulation made after the
      Issue Date; or

	 	 	 
	 	(c) 	a Tax Event,

there is an increase or reduction in
  any of the following: 

	 	(i) 	the cost to a Holder of subscribing for or holding an A
      Preference Share or funding and performing its obligations under a Finance
      Document;

	 	 	 
	 	(ii) 	an amount due or payable to a Holder in respect of an A
      Preference Share;

	 	 	 
	 	(iii) 	the rate of return (before or after Tax) on an A
      Preference Share; or

	 	 	 
	 	(iv) 	the rate of return (before or after Tax) on the overall
      capital of a Holder or that of an Affiliate,

in each case, to the extent only to
  which it is attributable to that Holder having entered into a Finance Document
  or acquired any A Preference Shares or funding or performing any of its
  obligations under the Finance Documents. 

	9.2 	Consequences of a Variation
      Event

	9.2.1 	If a Variation Event occurs, the amounts payable by the
      Company in respect of an A Preference Dividend must be increased or
      reduced (as applicable) by an amount which, after making that adjustment,
      leaves the Holder in the same position it would have been, had that
      Variation Event not taken place.

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	9.2.2 	If a Variation Event occurs before all the A Preference
      Shares are redeemed, any adjustment required under Clause 9.2.1 above must
      be made as an adjustment to the amount of the A Preference Dividends on
      the outstanding A Preference Shares from time to time (with a
      corresponding adjustment to the Dividend Rate, where
      applicable).

	 	 
	9.2.3 	If, when a Variation Event occurs, there are no A
      Preference Shares outstanding, any adjustment required under Clause 9.2.1
      above must be made as an adjustment to the Redemption Amount, and will be
      payable as a premium by the Company or allowed as a discount by a Holder
      (as appropriate) on the Redemption Amount.

	 	 
	9.2.4 	If the Company or a Holder is aware that a Variation
      Event has occurred, it must promptly notify the Holder.

	 	 
	9.2.5 	An adjustment required under this Clause 9.2 must be made
      with effect from the date on which the Variation Event occurs.

	 	 
	9.2.6 	The Company or the Holder (as applicable) need not make
      any payment under this Clause 9.2, to the extent that a Variation Event
      occurs as a result of the other or any of its Affiliates wilfully failing
      to comply with any law or regulation.

	 	 
	9.2.7 	A Variation Event does not affect or alter the rights and
      privileges attaching to an A Preference Share.

	9.3 	General

	9.3.1 	If a Tax Event occurs which, but for the fact that a
      Holder has the benefit of an assessed or assessable Tax loss, an STC
      credit (as described below) or any other Tax credit, would constitute a
      Variation Event, that Tax Event will nevertheless be a Variation Event,
      any such assessed or assessable Tax loss, STC credit or other Tax credit
      will be disregarded in calculating the amount of the adjustment required
      under Clause 9.2 (Consequences of a Variation Event) and that Holder will
      not be deprived of the benefit of this Clause 9 (Adjustments to Amounts
      Payable), which will apply as if that assessed or assessable Tax loss, STC
      credit or other Tax credit was not available to that Holder. A Holder has
      an STC credit if, for the purposes of section 64B(3)(a) of the
      Income Tax Act, the amount of all qualifying dividends which have accrued
      (or are deemed to have accrued) to that Holder during a dividend cycle,
      exceeds the amount of dividends declared by that Holder during the same
      cycle (and the amount of the STC credit will be the amount of that
      excess).

	 	 
	9.3.2 	The rights and obligations of the Company and the Holder
      under this Clause 9 will terminate 3 years after the date on which the
      Holder is finally assessed for Tax in respect of the last fiscal year
      during which an amount accrues to the Holder under these RPM Plateau A
      Preference Share Terms.

	10. 	MITIGATION

	10.1 	Undertaking to mitigate

	 	 
		Each Holder must, in consultation with the Company, take
      all reasonable steps to

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mitigate any circumstances which arise
  and which result or would result in: 

	10.1.1 	any increased payment being payable to that Holder as a
      result of a Variation Event;

	 	 
	10.1.2 	that Holder being able to exercise any right of early
      redemption under this Agreement by reason of any
      illegality,

		This Clause 10 does not in any way limit the obligations
      of the Company or the Obligors under the Finance Documents.

	 	 
	10.2 	Costs and limitation

	 	 
		The Company must indemnify each Holder for all costs and
      expenses reasonably incurred by that Holder as a result of any step taken
      by it under this Clause 10. A Holder is not obliged to take any such steps
      if, in its opinion (acting reasonably), to do so might be prejudicial to
      it.

	 	 
	10.3 	Conduct of business by a Holder

	 	 
		No provision of these RPM Plateau A Preference Share
      Terms will:

	10.3.1 	affect the right of any Holder to arrange its affairs
      (Tax or otherwise) in whatever manner it thinks fit;

	 	 
	10.3.2 	oblige any Holder to investigate or claim any credit,
      relief, remission or repayment available to it in respect of Tax or the
      extent, order and manner of any claim; or

	 	 
	10.3.3 	oblige any Holder to disclose any information relating to
      its affairs (Tax or otherwise) or any computations in respect of
      Tax.

	11. 	PAYMENTS

	11.1 	Place

	 	 
		All payments by the Company to a Holder under these RPM
      Plateau A Preference Share Terms must be made to the Holder to its account
      at such office or bank in South Africa as it may notify to the Company for
      this purpose by not less than five Business Days' prior notice.

	 	 
	11.2 	Currency of account

	 	 
		Each amount payable under these RPM Plateau A Preference
      Share Terms is payable in Rand.

	 	 
	11.3 	Funds

	 	 
		Payments to the Holder under these RPM Plateau A
      Preference Share Terms must be made for value on the due date in
      immediately available and freely transferable funds, or at such times and
      in such funds as the Holder (acting on the instructions
      of

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		the Majority Holders) may specify as being customary at
      the time for the settlement of transactions in Rand in the place for
      payment.

	 	 
	11.4 	No set-off by the Company

	 	 
		All payments made by the Company under these RPM Plateau
      A Preference Share Terms must be calculated and made without (and free and
      clear of any deduction for) set-off or counterclaim.

	 	 
	11.5 	Business Days

	 	 
		If a payment under these RPM Plateau A Preference Share
      Terms is due on a day which is not a Business Day, the due date for that
      payment will instead be the next Business Day in the same calendar month
      (if there is one) or the preceding Business Day (if there is not) or
      whatever day the Holder reasonably determines is market
      practice.

	 	 
	11.6 	Due date not elsewhere specified

	 	 
		If these RPM Plateau A Preference Share Terms do not
      provide for when a particular payment by the Company is due, that payment
      will be due within three Business Days of demand by a Holder.

	 	 
	11.7 	Section 90 payments

	 	 
		If, at any time when an A Preference Dividend or
      Redemption Amount ought to be declared and/or paid under these RPM Plateau
      A Preference Share Terms, the Company does not have sufficient profits
      available for distribution or reserves to declare and pay that A
      Preference Dividend or Redemption Amount, it must subject to the Borrower
      Cash Waterfall, on first demand by the Holder (acting on the instructions
      of the Majority Holders), pay to all Holders an amount equal to that A
      Preference Dividend or Redemption Amount, subject to section 90 of the
      Companies Act, in any manner in which the Company may do so at law. This
      Clause 11.7 will not be construed as:

	11.7.1 	placing an obligation on the Company to realise any of
      its assets; or

	 	 
	11.7.2 	in any way restricting a Holder's rights under these RPM
      Plateau A Preference Share Terms or any of the Finance
      Documents.

The Redemption Amount must be reduced
  by the amount of any payment made under this Clause 11.7 (unless it is reduced
  for that payment under another provision of these RPM Plateau A Preference Share
  Terms).

	12. 	CALCULATIONS AND
      CERTIFICATES

	12.1 	Accounts

	 	 
		In any litigation or arbitration proceedings arising out
      of or in connection with a Finance Document, the entries made in the
      accounts maintained by a Holder are prima facie proof of the
      matters to which they relate.

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	12.2 	Certificates and determinations

	 	 
		Any certification or determination by the Holder of a
      rate or amount or a due date in respect of an A Preference Share or
      otherwise under the Finance Documents, signed by any officer, manager or
      employee of the Holder (the appointment of which officer, manager or
      employee need not be proved), in the absence of manifest error, will be prima facie proof of the matters to which it relates.

	 	 
	12.3 	Accrual and day count convention

	 	 
		Any A Preference Dividend or interest which must be
      calculated or which accrues in respect of an A Preference Share, must be
      calculated as if it accrues from day to day and on the basis of the actual
      number of days elapsed and a year of 365 days or otherwise, depending on
      what the Holder reasonably determines is market
      practice.

	13. 	TRANSFER OF A PREFERENCE
      SHARES

	13.1 	Subject to the SCB Pre-Emptive Right (as defined under
      the Global Intercreditor Agreement), and to any consents required in terms
      of the Global Intercreditor Agreement, a Holder may at any time transfer
      some or all of its A Preference Shares and/or cede and delegate any of its
      rights and obligations under any Finance Document, without the consent of
      the Company (the New Holder).

	 	 
	13.2 	If:

	13.2.1 	a Holder transfers an A Preference Share and/or cedes any
      of its rights and/or delegates any of its obligations under these RPM
      Plateau A Preference Share Terms or any Finance Document; and

	 	 
	13.2.2 	as a result of that transfer, cession and/or delegation
      and circumstances existing on the date on which it occurs, a Variation
      Event occurs which (but for this Clause 13.2) would result in an increase
      in the Dividend Rate, the amount of an A Preference Dividend or a
      Redemption Amount,

then the Company need only pay that A
  Preference Dividend or Redemption Amount to the same extent that it would have
  been obliged to if no transfer, cession or delegation had occurred. 

	14. 	REPRESENTATIVE AGENT

	14.1 	If the Original Holder transfers all or part of its A
      Preference Share to a New Holder, the Holders, must appoint a
      representative agent (the Representative Agent) on such written
      terms and conditions as may be agreed between the Holders and, in the
      absence of agreement, as determined by the Majority Holders at the time.
      The Majority Holders will notify the Company of the identity of the
      Representative Agent. The Representative Agent shall be entitled
      to:

	14.1.1 	call a general meeting of the shareholders (or any class
      of them) of the Company on behalf of the Holders as contemplated under
      Clause 5.3 (Right to call general meetings);

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	14.1.2 	attend general meetings on behalf of the
      Holders;

	 	 
	14.1.3 	vote at a general meeting on behalf of each of the
      Holders in the circumstances contemplated under Clause 5.1 (Right to and
      general meetings and vote); and

	 	 
	14.1.4 	perform any of the obligations that a Holder may be
      required to perform under these RPM Plateau A Preference Share
      Terms.

	RPM Plateau A Preference Share Terms- 	22	 
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