Document:

Filed by sedaredgar.com - Anooraq Resources Corpoartion - Exhibit 4.25

 

OPCO FUNDING LOAN AGREEMENT 

 

Between 

 

RICHTRAU NO. 179 (PROPRIETARY) LIMITED 

 

and 

 

RICHTRAU NO. 177 (PROPRIETARY) LIMITED 

 

	TABLE OF
      CONTENTS 

	1. 	PARTIES 	1
    
	 	 	 
	2. 	INTERPRETATION 	1
    
	 	 	 
	3. 	INTRODUCTION 	8
    
	 	 	 
	4. 	ADVANCE OF OPCO OCSF TRANCHES 	9
    
	 	 	 
	5. 	REPAYMENT OF THE LOAN AND THE OPCO OCSF
      TRANCHES 	9
    
	 	 	 
	6. 	PREPAYMENT 	10
      
	 	 	 
	7. 	INTEREST 	10
      
	 	 	 
	8. 	PAYMENTS 	11
      
	 	 	 
	9. 	ADDITIONAL PAYMENTS 	12
      
	 	 	 
	10. 	REPRESENTATIONS AND WARRANTIES 	12
      
	 	 	 
	11. 	EVENTS OF DEFAULT 	14
      
	 	 	 
	12. 	CESSION 	16
      
	 	 	 
	13. 	CERTIFICATE OF INDEBTEDNESS 	16
      
	 	 	 
	14. 	NOTICES AND DOMICILIA
      	17
      
	 	 	 
	15. 	GOVERNING LAW 	19
      
	 	 	 
	16. 	JURISDICTION 	19
      
	 	 	 
	17. 	SEVERABILITY 	19
      
	 	 	 
	18. 	COSTS 	19
      
	 	 	 
	19. 	GENERAL 	20
      
	 	 	 
	20. 	COUNTERPARTS 	21
      
	 	 	 
		SCHEDULE 1 : REPAYMENT PROFILE
    	23
      

OPCO FUNDING LOAN AGREEMENT

	1. 	
      PARTIES

	1.1 	
      The Parties to this Agreement
are:

	1.1.1 	
      RICHTRAU NO. 179 (PROPRIETARY) LIMITED;
  and

	 	 
	1.1.2 	
      RICHTRAU NO. 177 (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 if there is any inconsistency
      between the provisions of the Holdco Shareholders Agreement and the
      provisions of 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 	
      “Agreement” means this Opco Funding Loan
      Agreement;

	 	 
	2.2.2 	
      “Business Day” ” means a day (other than a
      Saturday or Sunday) on which banks are open for general business in
      Johannesburg;

	 	 
	2.2.3 	
      “Closing Date” has the meaning given to it in the
      Plateau Senior Facilities Agreement;

	2.2.4 	
      “Global Intercreditor Agreement” has the meaning
      given to it in the Plateau Senior Facilities Agreement;

	 	 
	2.2.5 	
      “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;

	 	 
	2.2.6 	
      “Holdco Claims” means the loan claims of Holdco
      (as lender) against Opco (as borrower) for a principal amount of ZAR980
      392 157 (Nine Hundred and Eighty Million Three Hundred and Ninety-two
      Thousand One Hundred and Fifty-seven Rand) (after the implementing of step
      7 of the Transaction Structure Memorandum);

	 	 
	2.2.7 	
      “Holdco Business Account” has the meaning given to
      it in the Plateau Senior Facilities Agreement;

	 	 
	2.2.8 	
      “Holdco Shareholders Agreement” means the written
      shareholders agreement, dated 28 March 2008 between the 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 under (x) the
      Plateau Funding Loan Agreement and/or (y) the RPM Funding Loan Agreement
      (the principal amounts contemplated in (x) and (y) together the “Fixed
      Rate Tranche”), the Interest Rate in relation to that portion of the
      principal of the Loan hereunder which equals the Fixed Rate Tranche, shall
      be the 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 Holdco Claims under this Agreement from time to time;

	 	 
	2.2.12 	
      “OCSF Rate” means the “Interest Rate” as
      defined in the RPM Operating Cash Flow Shortfall Facility
  Agreement;

	 	 
	2.2.13 	
      “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;

	 	 
	2.2.14 	
      “Opco OCSF Tranches” means the loans made by
      Holdco to Opco from time to time which are funded from the proceeds of RPM
      OCSF Tranches and Plateau OCSF Tranches;

	 	 
	2.2.15 	
      “Opco Shareholder Loan Agreement” means the Opco
      shareholder loan agreement, dated 19 March 2008, between Holdco as lender
      and Opco as borrower pursuant to which Holdco loaned the sum of
      ZAR7,058,823,529 to Opco (which loan 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);

	 	 
	2.2.16 	
      “Parties” means:

	2.2.16.1 	Holdco; and 
	 	 
	2.2.16.2 	Opco, 

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

	 	 
	2.2.17 	
      “Plateau” means Plateau Resources (Proprietary)
      Limited (Registration No. 1996/013879/07), a private company duly
      incorporated according to the company laws of South Africa;

	 	 
	2.2.18 	
      “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;

	 	 
	2.2.19 	
      “Plateau Hedge Counterparty” has the meaning given
      to it in the Plateau Senior Facilities Agreement;

	 	 
	2.2.20 	
      “Plateau Hedging Documents” has the meaning given
      to it in the Plateau Senior Facilities Agreement;

	 	 
	2.2.21 	
      “Plateau Loan” means the “Loan” as defined
      in the Plateau Funding Loan Agreement;

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

	 	 
	2.2.23 	
      “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;

	 	 
	2.2.24 	
      “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;

	2.2.25 	
      “RPM” means Rustenburg Platinum Mines Limited
      (Registration No. 1931/003380/06), a public company duly incorporated
      according to the company laws of South Africa;

	 	 
	2.2.26 	
      “RPM Funding Loan Agreement” has the meaning given
      to it in the Plateau Senior Facilities Agreement;

	 	 
	2.2.27 	
      “RPM OCSF Tranches” means “RPM OCSF
      Tranches” as defined in the RPM Funding Loan Agreement;

	 	 
	2.2.28 	
      “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.

	 	 
	2.2.29 	
      “Senior Agent” has the meaning given to it in the
      Plateau Senior Facilities Agreement;

	 	 
	2.2.30 	
      “Senior Debt Payment Date” means each and every
      date on which a repayment or the payment of interest is required to be
      made by Plateau as borrower under the Plateau Senior Facilities
      Agreement;

	 	 
	2.2.31 	
      “Signature Date” means the date of signature of
      the Party last signing this Agreement;

	 	 
	2.2.32 	
      “South Africa” means the Republic of South Africa
      as constituted from time to time;

	 	 
	2.2.33 	
      “Structure Memorandum” has the meaning given to it
      in the Plateau Senior Facilities Agreement;

	 	 
	2.2.34 	
      “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 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;

	 	 
	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.

	 	 
	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

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

	3.1 	
      the Holdco Claims with effect on the Closing Date and
      which accordingly hereby replace the terms and conditions which previously
      applied to the

		
      Holdco Claims in terms of the Opco Shareholder Loan
      Agreement prior to the Closing Date; and

	 	 
	3.2 	
      the Opco OCSF Tranches.

	4. 	
      ADVANCE OF OPCO OCSF TRANCHES

	 	 
		
      Holdco hereby undertakes and agrees that, to the extent
      it has received any Plateau OCSF Tranches or RPM OCSF Tranches in terms of
      the Plateau Funding Loan Agreement and the RPM Funding Loan Agreement, it
      shall advance the Opco OCSF Tranches to Opco, which shall be in an amount
      equal to the aggregate of the Plateau OCSF Tranches and the RPM OCSF
      Tranches.

	 	 
	5. 	
      REPAYMENT OF THE LOAN AND THE OPCO OCSF
      TRANCHES

	5.1 	
      To the extent cash is available, Opco shall repay the
      Loan to Holdco 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 Holdco Claims borrowed or deemed to be borrowed by Opco
      on the Closing Date, as set out in Schedule 1 (Repayment Profile),
      provided that irrespective of whether cash is 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 Opco 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, Opco shall repay that portion of the
      Opco 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 Opco OCSF Tranches, inclusive of all accrued and
unpaid interest and any other amounts that may become payable hereunder in
respect of the Opco OCSF Tranches shall be repaid on the earlier of: 

	5.2.1 	
      the Termination Date; and

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

	5.3 	
      The instalments referred to above shall be paid by direct
      electronic transfer to the Holdco Business Account of
  Holdco.

	6. 	
      PREPAYMENT

	 	 
		
      If any amount of the Loan is prepaid by Opco, then the
      amount of the instalment due on each Senior Debt Repayment Date set out in
      Schedule 1 (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 Plateau Loan under the Plateau Funding Loan
      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 Plateau Loan under the
      Plateau Funding Loan Agreement.

	 	 
	7.5 	
      The unpaid principal balance of the Opco 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 Opco 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 Plateau OCSF Tranches and the RPM OCSF Tranches.

	 	 
	7.7 	
      The interest referred to above shall be paid by direct
      electronic transfer to the Holdco Business Account of
  Holdco.

	8. 	
      PAYMENTS

	 	 
		
      All payments to be made by OpCo to Holdco in terms of
      this Agreement in relation to the Loan and the Opco 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 Holdco from Opco is less than the full amount required
      to be paid by Holdco under this Agreement on that date, the amount
      received shall be applied to discharge the liabilities of Opco under this
      Agreement in the order of priority set out in
the

		
      Global Intercreditor Agreement in relation to the Opco
      Cash Waterfall (as defined in the Global Intercreditor
  Agreement).

	 	 
	9. 	
      ADDITIONAL
PAYMENTS

	9.1 	
      If any amount becomes payable by Holdco to Plateau under
      the Plateau Funding Loan Agreement and by Holdco to RPM under the RPM
      Funding Loan Agreement (an “Additional Plateau and RPM Amount”),
      Opco shall be obliged to make payment of an amount equivalent to that
      Additional Plateau and RPM Amount to Holdco on the same date or dates (as
      applicable) as such Additional Plateau and RPM Amounts are payable by
      Holdco under the Plateau Funding Loan Agreement and the RPM Funding Loan
      Agreement.

	 	 
	9.2 	
      Any Additional Plateau and RPM Amount shall be paid into
      the Holdco Business Account.

	 	 
	9.3 	
      Opco hereby indemnifies Holdco immediately on demand
      against any cost, loss or liability incurred by Holdco (x) to Plateau
      under the Plateau Funding Loan Agreement (constituting a cost, loss or
      liability which is lawfully claimed from Holdco by Plateau) or (y) to RPM
      under the RPM Funding Loan Agreement and (in relation to (x) or (y)) in
      respect of which Holdco would not otherwise be entitled to receive a
      matching payment from Opco under this Agreement, the Parties acknowledging
      and agreeing that Holdco is relying on receiving payments from Opco
      hereunder in order to discharge all amounts payable by it from time to
      time under the Plateau Funding Loan Agreement and the RPM Funding Loan
      Agreement.

	10. 	
      REPRESENTATIONS AND
  WARRANTIES

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

	10.1.1 	
      Opco 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;

	 	 
	10.1.2 	
      Opco 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, Opco;

	 	 
	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
Opco.

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

	10.2.1 	
      prima facie be deemed to be a representation of
      fact inducing Holdco 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 	
      Holdco is entering into this Agreement relying upon the
      representations and warranties given by Opco in clause
  10.1.

	11. 	
      EVENTS OF
DEFAULT

	11.1 	
      An Event of Default shall occur
if:

	11.1.1 	
      Opco 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 Opco in
      connection with this Agreement is or proves to have been incorrect or
      misleading when made and Opco fails to remedy such circumstances within 10
      (ten) Business Days after receiving written notice from Holdco requiring
      such remedy; or

	 	 
	11.1.3 	
      Opco 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 Holdco has
      given written notice thereof to Opco; or

	 	 
	11.1.4 	
      Opco 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 Opco in order:

	11.1.5.1 	
      to enable Opco 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
      Opco in this Agreement are enforceable, legal and
valid,

		
      is not done, fulfilled or performed;

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

	 	 
	11.1.7 	
      the 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 	
      RPM (or the Senior Agent on its behalf) takes any of the
      actions referred to in clause 11.2 of the RPM Funding Loan Agreement;
      or

	 	 
	11.1.9 	
      Plateau (or the Senior Agent on its behalf) takes any of
      the actions referred to in clause 11.2 of the Plateau 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, Holdco may, without prejudice to any other rights
      it may have in terms of this Agreement or at law, by written notice to
      Opco:

	11.2.1 	
      claim and recover from Opco (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 Opco
      in accordance with the terms of this Agreement;
and

	11.2.1.3 	
      any other amounts which are payable by Opco to Holdco
      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);

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

	11.3 	
      If Holdco 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 Opco 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 Opco on
      demand by Holdco.

	12. 	
      CESSION

	 	 
		
      Holdco shall be entitled to cede its rights, title,
      interest and benefits under this Agreement to RPM and Plateau without the
      consent of Opco. To the extent that any splitting of claims arises against
      Opco as a consequence of such cession, Opco hereby consents to such
      splitting of claims. Save as referred to 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 Holdco
      (whose appointment it shall not be necessary to prove) shall be prima
      facie proof of:

	13.1 	
      the amount of any indebtedness owing by Opco to Holdco
      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.

	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 	
      Holdco:

4th Floor, 82 Grayston
Drive 
Off Esterhysen Lane 
Sandton 
Telefax
No.:           (011) 883 0836

Attention:       The Company Secretary 

	14.1.1.2 	
      Opco:

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:

	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.

	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

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

		
      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.

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 

 

 

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

For and on behalf of 
RICHTRAU
NO. 177 
(PROPRIETARY) LIMITED 

/s/ signed

____________________________
Name:

Capacity: 
Who warrants his authority hereto 

     SCHEDULE 1

REPAYMENT PROFILE

	Senior Debt Repayment Date 
	Repayment Instalment 

	
31 January 2013 

31 July 2013 

31 January
      2014 

31 July 2014 

31 January 2015 

31
      July 2015 

31 January 2016 

31 July 2016
      

31 January 2017 

31 July 2017 

31
      January 2018 

Termination Date 
	
1
      /12

1
      /12

1
      /12

1
      /12

1
      /12

1
      /12

1
      /12

1 /12
      

1 /12 

1
      /12

1
      /12

1 /12Filed by sedaredgar.com - Anooraq Resources Corpoartion - Exhibit 4.26

WW 
ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8

14/07/2009 

     EXECUTION COPY 

CONVERSION IMPLEMENTATION AGREEMENT 

between 

PELAWAN TRUST 

  IT Number 8411/2004 

(Pelawan
Trust)

and 

CENTRAL PLAZA INVESTMENTS 78 (PROPRIETARY) LIMITED (TO BE
RENAMED 
PELAWAN FINANCE SPV (PROPRIETARY) LIMITED) 
Registration Number
2006/032879/07 
(Pelawan SPV)

and 

PELAWAN INVESTMENTS (PROPRIETARY) LIMITED 
Registration
Number 2002/017920/07 
(Pelawan Investments)

and 

ANOORAQ RESOURCES CORPORATION 
Registration Number
10022-2033 
(Anooraq) 

and 

PLATEAU RESOURCES (PROPRIETARY) LIMITED 
Registration
Number 1996/013879/07 
(Plateau) 

and 

RUSTENBURG PLATINUM MINES LIMITED 
Registration
Number 1931/003380/06 
(RPM) 

 

	ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 	2 
	14/07/2009 	  

TABLE OF CONTENTS 

	  	  	Page
      No. 
	  	  	  
	1.
      	Definitions
      and interpretation 	3
      
	 	 	 
	2.
      	Introduction
      	6
      
	 	 	 
	3.
      	RPM
      Funding Common Terms Agreement 	9
      
	 	 	 
	4.
      	Immediate
      notice requirements on or about the Closing Date 	9
      
	 	 	 
	5.
      	Conversion
      Notice 	9
      
	 	 	 
	6.
      	Conversion
      and subscription 	10
      
	 	 	 
	7.
      	Forward
      Sales 	15
      
	 	 	 
	8.
      	Subsequent
      notice requirements 	18
      
	 	 	 
	9.
      	Practical
      implementation 	18
      
	 	 	 
	10.
      	Co-operation
      and support 	20
      
	 	 	 
	11.
      	Restrictions
      	22
      
	 	 	 
	12.
      	Tag
      right 	22
      
	 	 	 
	13.
      	Appointment
      of an Implementation Agent 	24
      
	 	 	 
	14.
      	Breach
      	25
      

 

	ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 	3
	14/07/2009 	  

THIS AGREEMENT is dated 26 June 2009 and is made
between: 

	(1) 	
      PELAWAN TRUST, IT number 8411/2004, a trust
      settled and established under the laws of South Africa (Pelawan
      Trust);

	 	 
	(2) 	
      CENTRAL PLAZA INVESTMENTS 78 (PROPRIETARY) LIMITED (to
      be renamed PELAWAN FINANCE SPV (PROPRIETARY) LIMITED), registration
      number 2006/032879/07, a company incorporated under the laws of South
      Africa (Pelawan SPV);

	 	 
	(3) 	
      PELAWAN INVESTMENTS (PROPRIETARY) LIMITED,
      registration number 2002/01792/07, a company incorporated under the laws
      of South Africa (Pelawan Investments);

	 	 
	(4) 	
      ANOORAQ RESOURCES CORPORATION, registration number
      10022-2033, a company incorporated under the laws of Canada
      (Anooraq);

	 	 
	(5) 	
      PLATEAU RESOURCES (PROPRIETARY) LIMITED,
      registration number 1996/013879/07, a company incorporated under the laws
      of South Africa (Plateau); and

	 	 
	(6) 	
      RUSTENBURG PLATINUM MINES LIMITED, registration
      number 1931/003380/06, a company incorporated under the laws of South
      Africa (RPM).

The Parties agree as set out below. 

	1. 	
      Definitions and
interpretation

	1.1 	
      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:

	1.1.1 	
      Agreement means this Conversion Implementation
      Agreement including Annexures;

	 	 
	1.1.1 	
      Annexure means the annexure attached to this
      Agreement;

	 	 
	1.1.2 	
      B1 Preference Dividend means the "B1 Preference
      Dividend" as this term is defined under the RPM Pelawan SPV B1
      Preference Share Terms;

	 	 
	1.1.3 	
      B1 Preference Dividend Declaration Date means the
      "B1 Preference Dividend Declaration Date" as this term is defined
      under the RPM Pelawan SPV B1 Preference Share
Terms;

	ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 	4
	14/07/2009 	  

	1.1.4 	
      B1 Preference Dividend Payment Date means the
      "Preference Dividend Payment Date" as this term is defined under
      the RPM Pelawan SPV B1 Preference Share Terms;

	 	 
	1.1.5 	
      B1 Preference Shares means the 115 800 cumulative,
      convertible preference par value shares of R1.00 each and share premium of
      R9 498.14 each, in the share capital of Pelawan SPV, subscribed for by RPM
      and defined as the "RPM Pelawan SPV B1 Preference Shares" under the
      RPM Funding Common Terms Agreement;

	 	 
	1.1.6 	
      B2 Conversion Notice means the "B2 Conversion
      Notice" as this term is defined under the Pelawan SPV Plateau B2
      Preference Share Terms

	 	 
	1.1.7 	
      B2 Preference Dividend means the "B2 Preference
      Dividend" as this term is defined under the Pelawan SPV Plateau B2
      Preference Share Terms;

	 	 
	1.1.8 	
      B2 Preference Dividend Declaration Date means the
      "B2 Preference Dividend Declaration Date" as this term is defined
      under the Pelawan SPV Plateau B2 Preference Share Terms;

	 	 
	1.1.9 	
      B2 Preference Dividend Payment Date means the
      "Preference Dividend Payment Date" as this term is defined under
      the Pelawan SPV Plateau B2 Preference Share Terms;

	 	 
	1.1.10 	
      B2 Preference Shares means the 115 800 cumulative,
      convertible preference par value shares of R1.00 each and a share premium
      of R4 836.29 each, in the share capital of Plateau, subscribed for by
      Pelawan SPV and defined as the "Pelawan SPV Plateau B2 Preference
      Shares" under the RPM Funding Common Terms Agreement;

	 	 
	1.1.11 	
      B3 Conversion Notice means the "B3 Conversion
      Notice" as this term is defined under the Pelawan SPV Plateau B3
      Preference Share Terms;

	 	 
	1.1.12 	
      B3 Preference Dividend means the "B3 Preference
      Dividend" as this term is defined under the Pelawan SPV Plateau B3
      Preference Share Terms;

	 	 
	1.1.13 	
      B3 Preference Dividend Declaration Date means the
      "B3 Preference Dividend Declaration Date" as this term is defined
      under the Pelawan SPV Plateau B3 Preference Share
Terms;

	ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 	5
	14/07/2009 	  

	1.1.14 	
      B3 Preference Dividend Payment Date means the
      "B3 Preference Dividend Payment Date" as this term is defined under
      the Pelawan SPV Plateau B3 Preference Share Terms;

	 	 
	1.1.15 	
      B3 Preference Shares means the 111 600 cumulative,
      convertible preference par value shares of R1.00 each and a share premium
      of R4 836.29 each, in the share capital of Plateau, subscribed for by
      Pelawan SPV and defined as the "Pelawan SPV Plateau B3 Preference
      Shares" under the RPM Funding Common Terms Agreement;

	 	 
	1.1.16 	
      Companies Act means the Companies Act, 61 of 1973,
      as amended;

	 	 
	1.1.17 	
      Computershare Canada means Computershare Trust
      Company of Canada, a trust company registered in Ontario and incorporated
      under the laws of Canada;

	 	 
	1.1.18 	
      Computershare South Africa means Computershare
      Limited, registration number 2000/006082/06, a company incorporated under
      the laws of South Africa;

	 	 
	1.1.19 	
      Conversion Notice means "Conversion Notice"
      as this term is defined under the RPM Pelawan SPV B1 Preference Share
      Terms;

	 	 
	1.1.20 	
      Final Conversion Date means "Final Conversion
      Date" as this term is defined under the RPM Pelawan SPV B1 Preference
      Share Terms;

	 	 
	1.1.21 	
      Issue Date means "Issue Date" as this term
      is defined under the RPM Pelawan SPV B1 Preference Share Terms;

	 	 
	1.1.22 	
      Market Value means the 10 day VWAP for an Anooraq
      Common Share immediately preceding the date of the Conversion
    Notice;

	 	 
	1.1.23 	
      Parties means the parties to this Agreement, being
      Pelawan Trust, Pelawan SPV, Pelawan Investments, Anooraq, Plateau and
      RPM;

	 	 
	1.1.24 	
      Pelawan Cession and Pledge in Security means the
      cession and pledge in securitatem debiti dated on or about the
      Signature Date, to be granted by Pelawan Investments in favour of RPM for,
      inter alia, the obligations of Pelawan Investments under the
      Specified Pelawan Finance Documents;

	 	 
	1.1.25 	
      Pelawan SPV Plateau B2 Preference Share Terms
      means the rights and privileges attaching to the B2 Preference Shares
      as set out in the

	ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 	6
	14/07/2009 	  

		
      Pelawan SPV Plateau B2 Preference Share Subscription
      Agreement and embodied or to be embodied in the articles of association of
      Plateau;

	 	 
	1.1.26 	
      Pelawan SPV Plateau B3 Preference Share Terms
      means the rights and privileges attaching to the B3 Preference Shares
      as set out in the Pelawan SPV Plateau B3 Preference Share Subscription
      Agreement and embodied or to be embodied in the articles of association of
      Plateau;

	 	 
	1.1.27 	
      RPM Funding Common Terms Agreement means the
      written common terms agreement dated on or about 12 June 2009 between
      inter alia Anooraq, Pelawan Investments, Pelawan SPV and
  RPM;

	 	 
	1.1.28 	
      RPM Pelawan SPV B1 Preference Share Terms means
      the rights and privileges attaching to the B1 Preference Shares as set out
      in the RPM Pelawan SPV B1 Preference Share Subscription Agreement and
      embodied or to be embodied in the articles of association of Pelawan
      SPV;

	 	 
	1.1.29 	
      SEDAR means the System for Electronic Document
      Analysis and Retrieval, the electronic filing system for the disclosure
      documents of public companies and investment funds in Canada;

	 	 
	1.1.30 	
      Signature Date means the date of the signature of
      the Party last signing this Agreement;

	 	 
	1.1.31 	
      Specified Pelawan Finance Documents means the
      'Specified Pelawan Finance Documents' as this term is defined under
      the Pelawan Cession and Pledge in Security;

	 	 
	1.1.32 	
      STT Act means Securities Transfer Tax Act, 25 of
      2007, as amended;

	 	 
	1.1.33 	
      VWAP means the volume weighted average price at
      which an Anooraq Common Share has traded on the JSE for the relevant prior
      period.

	2. 	
      Introduction

	2.1 	
      Plateau has procured funding from a number of sources in
      order to meet its payment obligations under the Acquisition.

	 	 
	2.2 	
      In this regard, RPM and Pelawan SPV have entered into the
      RPM Pelawan SPV B1 Preference Share Subscription
  Agreement.

	ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 	7
	14/07/2009 	  

	2.3 	
      Pelawan SPV and Plateau have entered into the Pelawan
      Plateau B2 Preference Share Subscription Agreement and the Pelawan Plateau
      B3 Preference Share Subscription Agreement.

	 	 
	2.4 	
      The B2 Preference Shares and the B3 Preference Shares are
      inextricably linked with the B1 Preference Shares in that the Conversion
      of the B1 Preference Shares will automatically trigger a Conversion of a
      pro rata number of B2 Preference Shares and B3 Preference Shares.
      The B2 Preference Shares to B1 Preference Shares will Convert on a one to
      one basis i.e. in the ratio of 115 800:115 800 whereas the B3 Preference
      Shares to B1 Preference Shares will Convert in the ratio of 111 600:115
      800.

	 	 
	2.5 	
      In accordance with the RPM Pelawan B1 Preference Share
      Terms, RPM has the right and option to require that the B1 Preference
      Shares (or part thereof) be Converted into such number of Pelawan SPV
      Ordinary Shares as determined for value in accordance with the Conversion
      formulae set out under the RPM Pelawan B1 Preference Share Terms, which
      option is capable of being exercised at any time after the Issue Date and
      before the Final Conversion Date pursuant to delivery by RPM to Pelawan
      SPV of a Conversion Notice or, in the absence of delivery of such
      Conversion Notice, the B1 Preference Shares will automatically Convert on
      the Final Conversion Date.

	 	 
	2.6 	
      The delivery of a Conversion Notice and the subsequent
      Conversion of the B1 Preference Shares will result in the concurrent
      delivery of both the B2 Conversion Notice (in accordance with the Pelawan
      SPV Plateau B2 Preference Share Terms) and the B3 Conversion Notice (in
      accordance with the Pelawan SPV Plateau B3 Preference Share Terms) and the
      automatic Conversion of a pro rata number of B2 Preference Shares
      and B3 Preference Shares into Plateau 2 Converted Shares and Plateau 3
      Converted Shares, respectively.

	 	 
	2.7 	
      In the circumstances of the
Conversion:

	2.7.1 	
      if it is determined in accordance with the Conversion
      formulae set out under the RPM Pelawan SPV B1 Preference Share Terms that
      a B1 Preference Dividend is payable then, Pelawan SPV must declare and pay
      the B1 Preference Dividend and, in turn, RPM must use all of the cash
      proceeds of the B1 Preference Dividend to subscribe for and Pelawan SPV
      must issue and allot the Pelawan SPV Subscription Shares;
  and

	ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 	8
	14/07/2009 	  

	2.7.2 	
      if it is determined in accordance with the Conversion
      formulae set out under the Pelawan SPV Plateau B2 Preference Share Terms
      that a B2 Preference Dividend is payable then, Plateau must declare and
      pay the B2 Preference Dividend and, in turn, Pelawan SPV must use all of
      the cash proceeds of the B2 Preference Dividend to subscribe for and
      Plateau must issue and allot the Plateau 2 Subscription Shares;
  and

	 	 
	2.7.3 	
      if it is determined in accordance with the Conversion
      formulae set out under the Pelawan SPV Plateau B3 Preference Share Terms
      that a B3 Preference Dividend is payable then, Plateau must declare and
      pay the B3 Preference Dividend and, in turn, Pelawan SPV must use all of
      the cash proceeds of the B3 Preference Dividend to subscribe for and
      Plateau must issue and allot the Plateau 2 Subscription
  Shares.

	2.8 	
      Furthermore, Anooraq, Pelawan SPV and Plateau have
      entered into the Plateau Forward Sale Agreement in terms of which Pelawan
      SPV sells to Anooraq:

	2.8.1 	
      all of the Plateau 2 Shares which Pelawan SPV holds
      immediately following Conversion and subscription, if applicable, in
      exchange for the issue and allotment of such number Anooraq 2
      Consideration Shares; and

	 	 
	2.8.2 	
      all of the Plateau 3 Shares which Pelawan SPV holds
      immediately following Conversion and subscription, if applicable, in
      exchange for the issue and allotment of such number of Anooraq 3
      Consideration Shares,

		
      in each case, for delivery and settlement by Anooraq on
      the Conversion Date.

	 	 
	2.9 	
      Immediately following the implementation of the Plateau
      Forward Sale Agreement, Pelawan SPV will hold Anooraq 2 Consideration
      Shares and Anooraq 3 Consideration Shares and, in terms of the Pelawan
      Forward Sale Agreement, will buy back Pelawan SPV Designated Shares which
      RPM holds immediately following Conversion and subscription, if
      applicable, in exchange for the Anooraq 2 Consideration Shares, for
      delivery and settlement by Pelawan SPV on the Conversion Date.

	 	 
	2.10 	
      This Agreement sets out the terms and conditions
      applicable to the practical implementation of the Conversion, subscription
      and related transactions.

	ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 	9
	14/07/2009 	  

	3. 	
      RPM Funding Common Terms
  Agreement

	3.1 	
      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.

	 	 
	3.2 	
      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.

	 	 
	3.3 	
      In the event of a conflict between the terms of this
      Agreement on the one hand and the Pelawan SPV Forward Sale Agreement or
      the Plateau Forward Sale Agreement on the other hand, the provisions of
      this Agreement shall prevail.

	4. 	
      Immediate notice requirements on or about the Closing
      Date

	4.1 	
      RPM and Pelawan Trust must jointly issue and file a news
      release on SEDAR on the Closing Date, the content of which will be agreed
      between RPM and Pelawan Trust in writing by no later than 2 days after the
      Signature Date, in accordance with section 3.1 of National Instrument
      62-103 The Early Warning System and Related Take-Over Bid and Insider
      Reporting Issues (NI 62-103).

	 	 
	4.2 	
      Each of RPM and Pelawan Trust must file an early warning
      report on SEDAR in accordance with section 3.1 of NI 62-103 by no later
      than 2 Business Days after the Closing Date.

	 	 
	4.3 	
      Anooraq must file a report of exempt distribution within
      10 days of the Closing Date in order for the distribution under the
      Plateau Forward Sale Agreement to fall within the prospectus exemption
      under BC Instrument 72-503 Distributions of Securities Outside of
      British Columbia and shall provide a copy of such report to RPM by no
      later than 15 days after the Closing Date.

	5. 	
      Conversion Notice

	5.1 	
      RPM will deliver a Conversion Notice to Pelawan SPV
      specifying the number of B1 Preference Shares that it wishes to Convert
      and the relevant Conversion Date.

	ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 	10
	14/07/2009 	  

	5.2 	
      In accordance with the Conversion formulae set out under
      the RPM Pelawan SPV B1 Preference Share Terms, the Market Value of the
      Anooraq Common Shares will be applied by Pelawan SPV in determining
      inter alia:

	5.2.1 	
      the number of B1 Preference Shares to be Converted into
      Pelawan SPV Converted Shares;

	 	 
	5.2.2 	
      the B1 Preference Dividend to be declared and paid by
      Pelawan SPV to RPM in respect of the B1 Preference Shares, if applicable;
      and

	 	 
	5.2.3 	
      the additional number of Pelawan SPV Subscription Shares
      to be subscribed for by RPM using all of the cash proceeds of the B1
      Preference Dividend, if applicable.

	5.3 	
      The number of B1 Preference Shares to be Converted will
      automatically trigger and determine the pro rata number of B2
      Preference Shares to be Converted and the pro rata number of B3
      Preference Shares to be Converted.

	 	 
	5.4 	
      It is anticipated that the Conversion and subscription
      processes set out in clauses 6.1, 6.2 and 6.3 below will be implemented
      concurrently, and in the context of each Conversion and subscription, in
      the sequence set out in these respective clauses.

	 	 
	5.5 	
      If following the application of the Conversion formulae
      as set out under the RPM Pelawan SPV B1 Preference Share Terms, Pelawan
      SPV Plateau B2 Preference Share Terms and Pelawan SPV Plateau B3
      Preference Share Terms (as the case may be), no B1 Preference Dividend, B2
      Preference Dividend or B3 Preference Dividend (as may be applicable) is to
      be declared and paid, the specific sub-clauses dealing with the
      declaration and payment of the relevant preference dividends and the
      subscription for additional ordinary shares in each of clauses 6.1, 6.2
      and 6.3 will be ignored for the purposes of implementation of the
      Conversion.

	6. 	
      Conversion and
subscription

	6.1 	
      B1 Preference
Shares

	6.1.1 	
      If the B1 Preference Dividend is to be declared (as
      determined in accordance with clause 5.2), the directors of Pelawan SPV
      will pass the resolution substantially in the form of Annexure A in terms
      of which it declares the B1 Preference Dividend to RPM on the B1
      Preference Dividend Declaration Date.

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	14/07/2009 	  

	6.1.2 	
      Pelawan SPV will procure bridge funding from its
      corporate bankers in an amount equal to the B1 Preference Dividend plus
      any costs, fees or expenses associated with such funding and pay an amount
      equal to the B1 Preference Dividend to RPM on the B1 Preference Dividend
      Payment Date.

	 	 
	6.1.3 	
      Against receipt of the cash proceeds of the B1 Preference
      Dividend, RPM must immediately use all of the cash proceeds thereof to
      subscribe for Pelawan SPV Subscription Shares.

	 	 
	6.1.4 	
      Pelawan SPV must issue and allot Pelawan SPV Subscription
      Shares to RPM under the authority of a resolution passed as a condition to
      the RPM Funding Common Terms Agreement (a copy of which is attached as
      Annexure B), and immediately use all of the cash proceeds paid by RPM for
      the Pelawan SPV Subscription Shares to settle the bridge funding procured
      from its corporate bankers in respect of the payment of the B1 Preference
      Dividend.

	 	 
	6.1.5 	
      Pelawan SPV must make such entries in its register of
      members, as are required to reflect RPM as the registered holder of the
      Pelawan SPV Subscription Shares, and must issue such new share
      certificates and other documents as may be required in connection with the
      subscription for the Pelawan SPV Subscription Shares.

	 	 
	6.1.6 	
      Based on the application of the Conversion formulae (as
      determined in accordance with clause 5.2), a certain number of B1
      Preference Shares will automatically Convert into Pelawan SPV Converted
      Shares on the Conversion Date.

	 	 
	6.1.7 	
      Pelawan SPV must make such entries in its register of
      members, as are required to reflect RPM as the registered holder of the
      Pelawan SPV Converted Shares, and must execute such replacement share
      certificates and other documents as may be required in connection with the
      Conversion of the B1 Preference Shares into Pelawan SPV Converted
      Shares.

	 	 
	6.1.8 	
      RPM must surrender the share certificates in respect of
      those B1 Preference Shares that have Converted into Pelawan SPV Converted
      Shares to Pelawan SPV on the Conversion Date against receipt of
      confirmation of the updated register of members and the share certificates
      in respect of Pelawan SPV Designated Shares.

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	14/07/2009 	  

	6.1.9 	
      Accordingly, RPM will be the registered holder and
      beneficial owner of the Pelawan SPV Designated Shares on the Conversion
      Date.

	6.2 	
      B2 Preference
Shares

	6.2.1 	
      The application of the Conversion formulae under the
      Pelawan SPV Plateau B2 Preference Share Terms relative to the Market Value
      of the Anooraq Common Shares at the Conversion Date will similarly
      determine:

	6.2.1.1 	
      the number of B2 Preference Shares to be Converted into
      Plateau 2 Converted Shares, being equal to the number of B1 Preference
      Shares Converting into Pelawan SPV Converted Shares as at the Conversion
      Date;

	 	 
	6.2.1.2 	
      the B2 Preference Dividend to be declared and paid by
      Plateau to Pelawan SPV in respect of the B2 Preference Shares, if
      applicable; and

	 	 
	6.2.1.3 	
      the additional number of Plateau 2 Subscription Shares to
      be subscribed for by Pelawan SPV using all of the cash proceeds of the B2
      Preference Dividend, if applicable.

	6.2.2 	
      If the B2 Preference Dividend is to be declared (as
      determined in accordance with clause 6.2.1), the directors of Plateau will
      pass the resolution substantially in the form of Annexure C in terms of
      which it declares the B2 Preference Dividend to Pelawan SPV on the B2
      Preference Dividend Declaration Date.

	 	 
	6.2.3 	
      Plateau will procure bridge funding from its corporate
      bankers in an amount equal to the B2 Preference Dividend plus any costs,
      fees or expenses associated with such funding and pay an amount equal to
      the B2 Preference Dividend to Pelawan SPV on the B2 Preference Dividend
      Payment Date.

	 	 
	6.2.4 	
      Against receipt of the cash proceeds of the B2 Preference
      Dividend, Pelawan SPV must immediately use all of the cash proceeds
      thereof to subscribe for the Plateau 2 Subscription Shares.

	 	 
	6.2.5 	
      Plateau must issue and allot the Plateau 2 Subscription
      Shares to Pelawan SPV under the authority of a resolution passed as a
      condition to RPM Funding Common Terms Agreement (a copy of which is
      attached as Annexure D), and immediately use the cash proceeds paid
    by

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	14/07/2009 	  

		
      Pelawan SPV for the Plateau 2 Subscription Shares to
      settle the bridge funding procured from its corporate bankers in respect
      of the payment of the B2 Preference Dividend.

	 	 
	6.2.6 	
      Plateau must make such entries in its register of
      members, as are required to reflect Pelawan SPV as the registered holder
      of the Plateau 2 Subscription Shares, and must issue such new share
      certificates and other documents as may be required in connection with the
      subscription for the Plateau 2 Subscription Shares.

	 	 
	6.2.7 	
      Based on the application of the Conversion formulae (as
      determined in accordance with clause 6.2.1), a certain number of B2
      Preference Shares will automatically Convert into Plateau 2 Converted
      Shares on the Conversion Date.

	 	 
	6.2.8 	
      Plateau must make such entries in its register of
      members, as are required to reflect Pelawan SPV as the registered holder
      of the Plateau 2 Converted Shares, and must execute such replacement share
      certificates and other documents as may be required in connection with the
      Conversion of the B2 Preference Shares into Plateau 2 Converted
    Shares.

	 	 
	6.2.9 	
      Pelawan SPV must surrender the share certificates in
      respect of those B2 Preference Shares that have Converted into Plateau 2
      Converted Shares to Plateau on the Conversion Date against receipt of
      confirmation of the updated register of members and the share certificates
      in respect of the Plateau 2 Shares.

	 	 
	6.2.10 	
      Accordingly, Pelawan SPV will be the registered holder
      and beneficial owner of the Plateau 2 Shares on the Conversion
  Date.

	6.3 	
      B3 Preference
Shares

	6.3.1 	
      The application of the Conversion formulae under the
      Pelawan SPV Plateau B3 Preference Share Terms relative to the Market Value
      of the Anooraq Common Shares at the Conversion Date will similarly
      determine:

	6.3.1.1 	
      the number of B3 Preference Shares to be Converted into
      Plateau 3 Converted Shares, being 963.7 B3 Preference Shares for every
      1000 B1 Preference Shares (or as calculated using the ratio of 111 600:115
      800) that Convert into Pelawan SPV Converted Shares as at the Conversion
      Date;

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	14/07/2009 	  

	6.3.1.2 	
      the B3 Preference Dividend to be declared and paid by
      Plateau to Pelawan SPV in respect of the B3 Preference Shares, if
      applicable; and

	 	 
	6.3.1.3 	
      the additional number of Plateau 3 Subscription Shares to
      be subscribed for by Pelawan SPV using all of the cash proceeds of the B3
      Preference Dividend, if applicable.

	6.3.2 	
      If the B3 Preference Dividend is to be declared (as
      determined in accordance with clause 6.3.1), the directors of Plateau will
      pass the resolution substantially in the form of Annexure E in terms of
      which it declares the B3 Preference Dividend to Pelawan SPV on the B3
      Preference Dividend Declaration Date.

	 	 
	6.3.3 	
      Plateau will procure bridge funding from its corporate
      bankers in an amount equal to the B3 Preference Dividend plus any costs,
      fees or expenses associated with such funding and pay an amount equal to
      the B3 Preference Dividend to Pelawan SPV on the B3 Preference Dividend
      Payment Date.

	 	 
	6.3.4 	
      Against receipt of the cash proceeds of the B3 Preference
      Dividend, Pelawan SPV must immediately use all of the cash proceeds
      thereof to subscribe for the Plateau 3 Subscription Shares.

	 	 
	6.3.5 	
      Plateau must issue and allot the Plateau 3 Subscription
      Shares to Pelawan SPV under the authority of a resolution passed as a
      condition to RPM Funding Common Terms Agreement (a copy of which is
      attached as Annexure D), and immediately use all of the cash proceeds paid
      by Pelawan SPV for the Plateau 3 Subscription Shares to settle the bridge
      funding procured from its corporate bankers in respect of the payment of
      the B3 Preference Dividend.

	 	 
	6.3.6 	
      Plateau must make such entries in its register of
      members, as are required to reflect Pelawan SPV as the registered holder
      of the Plateau 3 Subscription Shares, and must issue such new share
      certificates and other documents as may be required in connection with the
      subscription for the Plateau 3 Subscription Shares.

	 	 
	6.3.7 	
      Based on the application of the Conversion formulae (as
      determined in accordance with clause 6.3.1), a certain number of B3
      Preference Shares

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	14/07/2009 	  

		
      will automatically Convert into Plateau 3 Converted
      Shares on the Conversion Date.

	 	 
	6.3.8 	
      Plateau must make such entries in its register of
      members, as are required to reflect Pelawan SPV as the registered holder
      of the Plateau 3 Converted Shares, and must execute such replacement share
      certificates and other documents as may be required in connection with the
      Conversion of the B3 Preference Shares into Plateau 3 Converted
    Shares.

	 	 
	6.3.9 	
      Pelawan SPV must surrender the share certificates in
      respect of those B3 Preference Shares that have Converted into Plateau 3
      Converted Shares to Plateau on the Conversion Date against receipt of
      confirmation of the updated register of members and the share certificates
      in respect of the Plateau 3 Shares.

	 	 
	6.3.10 	
      Accordingly, Pelawan SPV will be the registered holder
      and beneficial owner of the Plateau 3 Shares on the Conversion
  Date.

	7. 	
      Forward Sales

	 	 
		
      Following Conversion and subscription under clause 6, on
      each Conversion Date the relevant Parties will implement the Plateau
      Forward Sale Agreement and immediately, thereafter the Pelawan SPV Forward
      Sale Agreement.

	7.1 	
      Plateau Forward Sale Agreement

	 	 
		
      On each Conversion Date:

	7.1.1 	
      in accordance with the Plateau Forward Sale Agreement as
      read with the Pelawan SPV Plateau B2 Preference Share Terms and the
      Pelawan SPV Plateau B3 Preference Share Terms, Pelawan SPV sells to
      Anooraq:

	7.1.1.1 	
      all of the Plateau 2 Shares held by Pelawan SPV in
      exchange for the issue and allotment by Anooraq of the Anooraq 2
      Consideration Shares; and

	 	 
	7.1.1.2 	
      all of the Plateau 3 Shares held by Pelawan SPV to
      Anooraq in exchange for the issue and allotment by Anooraq of the Anooraq
      3 Consideration Shares;

	7.1.2 	
      Pelawan SPV must deliver to
Anooraq:

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	14/07/2009 	  

	7.1.2.1 	
      the original share certificates in respect of the Plateau
      2 Shares and the Plateau 3 Shares, together with duly completed
      instruments of transfer required in terms of section 133(2) of the
      Companies Act signed by the registered owner of the Plateau 2 Shares and
      Plateau 3 Shares as transferor (and dated not more than 5 days before the
      Conversion Date) and specifying Anooraq as transferee;

	 	 
	7.1.2.2 	
      a certified copy of resolutions of the directors of
      Pelawan SPV approving the transfer of the Plateau 2 Shares and the Plateau
      3 Shares (which resolution is included in the attached Annexure
  B);

	7.1.3 	
      Anooraq must:

	7.1.3.1 	
      issue and allot the Anooraq 2 Consideration Shares and
      the Anooraq 3 Consideration Shares to Pelawan SPV and provide Pelawan SPV
      with written proof thereof; and

	 	 
	7.1.3.2 	
      deliver to Pelawan SPV a certified copy of resolutions of
      the directors of Anooraq approving the issue and allotment of the Anooraq
      2 Consideration Shares and the Anooraq 3 Consideration Shares to Pelawan
      SPV, in the form attached as Annexure F;

	7.1.4 	
      Pelawan SPV (if considered a 'control person') must file
      a Notice of Intention to Distribute Securities 7 days in advance of the
      transfer of the Anooraq 2 Consideration Shares and the Anooraq 3
      Consideration Shares in accordance with Section 2.8 of National Instrument
      45-102 Resale of Securities (NI 45-201) and (if considered
      an 'insider') file an insider report within 3 days after the completion of
      any transfer.

	7.2 	
      Pelawan SPV Forward Sale
Agreement

	 	 
		
      On each Conversion Date (following the implementation of
      the Plateau Forward Sale Agreement):

	7.2.1 	
      in accordance with Pelawan SPV Forward Sale Agreement,
      Pelawan SPV will buy back the Pelawan SPV Designated Shares from RPM.
      Pelawan SPV will settle the purchase consideration by delivery of the
      Anooraq 2 Consideration Shares;

	 	 
	7.2.2 	
      Pelawan SPV must deliver to
RPM:

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	14/07/2009 	  

	7.2.2.1 	
      an irrevocable and unconditional written instruction to
      its broker or CSDP to effect transfer of the Anooraq 2 Consideration
      Shares into the following account:

	 	 
		
      Account name: RPM 

      CSDP: Standard Bank

		
      Contact person: Celeste Ponnen - 011 631 5736 

        SCA/Bank
      CSD account number: 1000186 

      Scrip account number: ZA0400621487 

      Settlement
      bank account number: ZA000067024

	 	 
	7.2.2.2 	
      a certified copy of the special resolution of the
      shareholder of Pelawan SPV stating that the acquisition of Pelawan SPV
      Designated Shares is approved in accordance with section 85(2) of the
      Companies Act (which resolution is included in the attached Annexure
      G);

	 	 
	7.2.2.3 	
      written confirmation from the directors of Pelawan SPV
      that the requirements of section 85(4) of the Companies Act have been
      complied with in relation to the acquisition by Pelawan SPV of the of
      Pelawan SPV Designated Shares; and

	 	 
	7.2.2.4 	
      a certified copy of the special resolution of the
      shareholder of Pelawan SPV in accordance with section 38(2A) of the
      Companies Act (which resolution is included in the attached Annexure
      G);

	 	 
	7.2.2.5 	
      a certified copy of the resolution directing the transfer
      secretary of Pelawan SPV to procure the cancellation of Pelawan SPV
      Designated Shares.

	7.2.3 	
      RPM must deliver to Pelawan
SPV:

	7.2.3.1 	
      the original share certificates in respect of Pelawan SPV
      Designated Shares, together with a duly completed instrument of transfer
      required in terms of section 133(2) of the Companies Act signed by the
      registered owner of the Designated Shares as transferor (and dated not
      more than 5 days before the Conversion Date) and Pelawan SPV as to the
      transferee;

	 	 
	7.2.3.2 	
      a certified copy of resolutions of the directors of RPM
      approving the transfer of the Pelawan SPV Designated
  Shares.

	ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 	18
	14/07/2009 	  

	8. 	
      Subsequent notice
requirements

	8.1 	
      If following the implementation of the transactions
      contemplated under the Pelawan SPV Forward Sale Agreement, RPM may become
      a 'control person' in relation to any transfer of Anooraq 2 Consideration
      Shares by it, it must file a Notice of Intention to Distribute Securities
      7 days in advance of any such transfer, in accordance with Section 2.8 of
      NI 45-102.

	 	 
	8.2 	
      Furthermore, if following the implementation of the
      transactions contemplated under the Pelawan SPV Forward Sale Agreement,
      RPM acquires ownership of more than 10% of the Anooraq Common Shares, RPM
      will be construed as an 'insider' and, accordingly, it must file an
      insider report within 10 days of it becoming an insider and thereafter, by
      no later than 10 days after its acquires direct or indirect beneficial
      ownership of, or control over, any further Anooraq Common
Shares.

	 	 
	8.3 	
      If either RPM or Pelawan Trust acquire an additional 2%
      of the Anooraq Common Shares on a particular Conversion Date while still
      subject to the early warning reporting requirements, such Party, or both
      RPM and Pelawan Trust, as the case may be, must publish a news release, as
      contemplated in clause 4.1, on the Conversion Date and must file an early
      warning report, as contemplated in clause 4.2, by no later than 2 Business
      Days after the relevant Conversion Date. The obligation to publish the
      news release and file the early warning report will also arise in the
      event of a change in any material fact in respect of the most recently
      published early warning report.

	9. 	
      Practical
implementation

	9.1 	
      Anooraq has proposed a process to facilitate the
      practical implementation of its obligation to issue and allot Anooraq 2
      Consideration Shares and Anooraq 3 Consideration Shares under the Plateau
      Forward Sale Agreement and Pelawan SPV's obligation to deliver the Anooraq
      2 Consideration Shares to RPM under the Pelawan SPV Forward Sale
      Agreement. The process set out under this clause 9 should not be construed
      as an attempt to circumvent or substitute any of the steps set out under
      clauses 4, 5, 6, 7 and 8 but instead it is intended to achieve an
      efficient issue, allotment and subsequent transfer of Anooraq 2
      Consideration Shares to RPM and Anooraq 3 Consideration Shares to Pelawan
      SPV without prejudice to the Parties respective rights and obligations set
      out under this Agreement, at law or any of the
Finance

 

	ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 	19
	14/07/2009 	  

Documents. The process to give effect
to this practical implementation is as follows: 

	9.1.1 	
      On the Closing Date, Anooraq will deliver to
      Computershare Canada a reservation form substantially in form attached as
      Annexure H reserving for issuance and allotment all of the Anooraq 2
      Consideration Shares and the Anooraq 3 Consideration Shares;

	 	 
	9.1.2 	
      Anooraq must file an exempt distribution report within
      the time limit and in the manner contemplated under clause 4.3;

	 	 
	9.1.3 	
      Each of RPM and Pelawan Trust (either individually or
      jointly) must issue and file a news release on the Closing Date (as
      contemplated under clause 4.1) and then file an early warning report by no
      later than 2 Business Days after the Closing Date (as contemplated under
      clause 4.2);

	 	 
	9.1.4 	
      RPM will provide Pelawan SPV with 15 days written notice
      of its intention to deliver a Conversion Notice (Advance Notice),
      which Advance Notice will stipulate the anticipated date for the delivery
      of the Conversion Notice by RPM to Pelawan SPV in accordance with the
      terms and conditions of the RPM Pelawan SPV B1 Preference Share
    Terms;

	 	 
	9.1.5 	
      On each Conversion Date, Anooraq will issue a direction
      (the Direction) to Computershare Canada substantially in the form
      attached as Annexure I directing Computershare Canada to issue and allot
      the Anooraq 2 Consideration Shares and Anooraq 3 Consideration Shares (as
      determined in accordance with the Conversion formulae set out under the
      RPM Pelawan SPV B1 Preference Share Terms as read with the Pelawan SPV
      Plateau B2 Preference Share Terms and the Pelawan SPV Plateau B3
      Preference Share Terms) to RPM and Pelawan SPV, respectively;

	 	 
	9.1.6 	
      The Anooraq 2 Consideration Shares and the Anooraq 3
      Consideration Shares will be registered on Anooraq's shareholders register
      maintained and managed by Computershare Canada and thereafter, immediately
      transferred from such register to Anooraq's shareholders register
      maintained and managed by Computershare South Africa. Each of RPM and
      Pelawan SPV will, as soon as is practicable, submit a completed 'Register
      Removal Request' (Canadian Register to South African Register) to Anooraq,
      substantially in the form attached as Annexure J.
The

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	14/07/2009 	  

		
      'Register Removal Request' form will facilitate the
      transfer of the Anooraq 2 Consideration Shares into the RPM nominated
      account (stipulated under clause 7.2.2.1);

	 	 
	9.1.7 	
      Pelawan SPV must file an insider report by no later than
      10 days after it acquires the Anooraq 3 Consideration Shares i.e. the
      Conversion Date.

	10. 	
      Co-operation and
support

	10.1 	
      The Parties agree that they will co-operate fully to do
      all such further acts and execute any further documents as may be
      necessary or desirable to give full effect to the arrangements
      contemplated by this Agreement.

	 	 
	10.2 	
      Pelawan Trust undertakes to RPM and Pelawan SPV that in
      the event of RPM notifying Pelawan Trust that an 'Enforcement Event' or
      'Specified Default' under (and as defined in) the Pelawan Cession and
      Pledge in Security has occurred, to immediately pass all necessary
      resolutions and take all necessary actions and sign all necessary
      documents to give full effect to the immediate transfer of registered
      ownership of the Anooraq Security Shares to Pelawan SPV. If Pelawan Trust
      fails to fulfil its obligations under this clause 10.2, Pelawan Trust
      hereby nominates, authorises and appoints RPM irrevocably and in rem
      suam as its true and lawful attorney and agent in Pelawan Trust’s
      name, place and stead to do all such things, and to sign and execute such
      documents as may be necessary to:

	10.2.1 	
      transfer registered ownership of the Anooraq Security
      Shares to Pelawan SPV; and

	 	 
	10.2.2 	
      enable RPM and/or Pelawan SPV to exercise any of the
      rights granted to them under this Agreement or any of the Finance
      Documents.

	10.3 	
      Notwithstanding anything to the contrary herein
      contained, in the event of a full and final discharge of all obligations
      owed to RPM under the Specified Pelawan Finance Documents (the Final
      Discharge Date), as confirmed by RPM to Pelawan SPV in writing,
      Pelawan SPV undertakes to immediately transfer registered ownership or
      beneficial ownership, as the case may be, of any Anooraq Security Shares
      held by Pelawan SPV as at the Final Discharge Date, to Pelawan Investments
      irrespective of who or which entity owns the Pelawan SPV Ordinary Shares
      as at the Final Discharge Date.

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	14/07/2009 	  

	10.4 	
      Pelawan Trust acknowledges that RPM has proposed certain
      amendments to the trust deed of the Pelawan Trust in order to address the
      issues identified in the marked up document entitled "WW Comments
      23-06-09" sent to representatives of the Pelawan Trust under cover of
      an e-mail dated 24 June 2009 at 09h47 with the subject heading "Pelawan
      Trust Deed". The Pelawan Trust, Pelawan Investments, Anooraq and RPM
      (being the parties referred to in clause 18 of the trust deed) undertake
      where it is within their respective power and control to do so, to use
      their respective reasonable commercial endeavours to procure
  that:

	10.4.1 	
      such amendments, as may be acceptable to RPM acting
      reasonably, are agreed and confirmed in writing by the relevant parties to
      the trust deed (Specified Confirmation) by no later than 60 days
      after the Signature Date; and

	 	 
	10.4.2 	
      to the extent required under Canadian securities law, the
      amendments reflected in the Specified Confirmation are placed before a
      general meeting of the shareholders of Anooraq for approval in accordance
      with the shareholder approval requirements, as soon as is practicable and,
      in any event, by no later than the first anniversary of the Closing Date
      (the Approval Date).

	10.5 	
      In the event that either:

	10.5.1 	
      the relevant parties fail for any reason to provide the
      Specified Confirmation within the specified time period; or

	 	 
	10.5.2 	
      to the extent required under Canadian securities law, the
      shareholders of Anooraq fail to approve the amendments reflected in the
      Specified Confirmation on or before the Approval Date; or

	 	 
	10.5.3 	
      if for any other reason the amendments to the trust deed
      set out in the Specified Confirmation cannot be effected on or before the
      Approval Date,

then, any such failure will be a material
  breach of the terms of this Agreement. In this regard, the trustees of the Pelawan
  Trust agree to execute and deliver to RPM within 10 days of the Signature Date,
  the resolution attached as Annexure K as an acknowledgement of inter alia
  the terms and conditions of these clauses 10.4 and 10.5. 

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	14/07/2009 	  

	11. 	
      Restrictions

	11.1 	
      Anooraq, Pelawan Investments, Pelawan SPV and Pelawan
      Trust undertake to do everything within their power including without
      limitation the passing all necessary resolutions, the taking of all
      necessary actions and signing of all necessary documents to ensure that
      RPM's rights under this Agreement and/or the Specified Pelawan Finance
      Documents and in relation to the Anooraq 2 Consideration Shares are not
      prejudiced for any reason whatsoever including as a result of the
      occurrence of a Share Adjustment Event.

	 	 
	11.2 	
      Pelawan Investments, Pelawan SPV and Pelawan Trust
      undertake to do everything within their power including without limitation
      the passing all necessary resolutions, the taking of all necessary actions
      and signing of all necessary documents to ensure that the Anooraq Security
      Shares constitute, at any particular date for the duration of this
      Agreement, such number of Anooraq Common Shares as is equal to 26% of all
      the Anooraq Common Shares in issue on a fully diluted basis, as at that
      date.

	 	 
	11.3 	
      Without prejudice to the restrictions set out under
      clause 11.1, if a Share Adjustment Event does occur, the number of Anooraq
      Common Shares making up the Anooraq Security Shares, the Anooraq 2
      Consideration Shares and the Anooraq 3 Consideration Shares as reflected
      in the RPM Funding Common Terms Agreement will be increased or decreased,
      as may be appropriate, in accordance with the Share Adjustment
    Event.

	12. 	
      Tag right

	12.1 	
      Should Plateau or any member of the Pelawan Group (the
      Disposing Party) offer to sell any shares and/or claims (the Sale
      Interest) to a third party (the Acquiring Party) or, receive an
      offer in respect the acquisition of any Sale Interest from an Acquiring
      Party, which upon implementation of the transaction contemplated under the
      offer (the Proposed Transaction), would result in a Change of
      Control, then, in such circumstances, the Disposing Party
  must:

	12.1.1 	
      immediately inform RPM in writing of the making of, or
      receipt of, the offer (Offer Notice) or, if the Disposing Party has
      failed, for whatever reason, to give such Offer Notice, RPM shall be
      entitled, on it becoming aware of the Proposed Transaction, to give notice
      in respect thereof to the Disposing Party, in which event such written
      notice given by RPM shall constitute the Offer Notice;
  and

	ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 	23
	14/07/2009 	  

	12.1.2 	
      irrespective of the terms and conditions of the Offer
      Notice, it shall be a condition precedent to the Proposed Transaction that
      the Acquiring Party offers to purchase RPM's equity interest in Pelawan
      SPV or, in circumstances of Conversion, its holding of Anooraq Common
      Shares (or both) (collectively, its Equity Interest), at a purchase
      price and on terms and conditions substantially the same as that which the
      Acquiring Party has offered to acquire the Sale Interest from the
      Disposing Party. If the initial offer does not include an offer to acquire
      the Equity Interest, the Disposing Party shall procure that by no later
      than 15 days after delivery of the Offer Notice, the initial offer is
      revised to include an offer to RPM in relation to the Equity Interest.
      Should the nature of the offer be such that a calculation of a pro rata
      value in respect of the Equity Interest is incapable of being
      determined relative to the nature of the offer or, the Disposing Party,
      the Acquiring Party and RPM are unable to agree to an appropriate purchase
      price in respect of the Equity Interest, in either case, within a period
      of 30 days after delivery of the Offer Notice, the Disposing Party, the
      Acquiring Party and RPM will appoint an independent investment bank by
      agreement in writing or failing agreement, as nominated by the President
      of the South African Institute of Chartered Accountants. The independent
      investment bank will determine the purchase price of the Equity Interest
      and, in so doing, will act as an expert and not as an arbitrator and its
      decision shall be final and binding.

	12.2 	
      The Disposing Party undertakes to procure that the offer,
      in respect of both the Equity Interest and the Sale Interest, is capable
      of acceptance by the Disposing Party and RPM, respectively, for a period
      of 30 days from the date of the determination of the purchase price of the
      Equity Interest or such longer period as the parties may agree in
      writing.

	 	 
	12.3 	
      Without prejudice to any of RPM's rights under the
      Transaction Documents or at law, RPM shall be entitled in its absolute
      discretion on 15 Business Days written notice to the Disposing Party to
      accept the offer from the Acquiring Party in relation to the Equity
      Interest provided that the offer in relation to the Sale Interest is also
      accepted by the Acquiring Party within the applicable 30 day time period
      or, such longer period as the parties may agree in writing.

	 	 
	12.4 	
      If RPM elects not to accept the offer in relation to its
      Equity Interest, and subject to any other restrictions under the
      Transaction Documents applicable to the Proposed Transaction, the
      Disposing Party shall be entitled to proceed with the Proposed Transaction
      on the same terms and conditions as set out under
the

	ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 	24
	14/07/2009 	  

		
      Offer Notice (other than those terms and conditions
      specifically related to the Equity Interest).

	 	 
	12.5 	
      If the terms and conditions applicable to the Proposed
      Transaction change subsequent to RPM's election or the offer is rejected
      or the Proposed Transaction is not concluded within a period of 60 days
      from the date of acceptance of the offer, the Disposing Party will not be
      entitled to and shall not sell the Sale Interest and, if it so wishes to
      sell the Sale Interest, it shall again be obliged to follow the procedure
      set out in this clause 12.

	 	 
	12.6 	
      In the event of a Change of Control without the prior
      written consent of RPM, Plateau shall give written notice (Control
      Change Notice) of such breach to RPM, as soon as possible in the
      circumstances after such Change of Control has occurred or, in the event
      that Plateau has failed, for whatever reason, to give such Control Change
      Notice, RPM shall be entitled, on it becoming aware that such Change of
      Control has occurred, to give notice in respect thereof to Plateau, in
      which event such written notice given by RPM shall constitute the Control
      Change Notice. The Disposing Party must procure that the Acquiring Party
      makes an offer to RPM in respect of the Equity Interest as soon as
      reasonably practicable and, by no later than 15 days after delivery of the
      Control Change Notice. The purchase price in respect of the Equity
      Interest will be determined in the same manner as that contemplated under
      clause 12.1.2 and RPM will be entitled, without prejudice to any of its
      rights under the Transaction Documents or at law, to accept the offer
      within 30 days from the date of the determination of the purchase price of
      the Equity Interest or such longer period as the parties may agree in
      writing.

	 	 
	12.7 	
      If the Disposing Party is unable to procure that the
      Acquiring Party purchases the Equity Interest from RPM within such 30 day
      period or such longer period as the parties may agree in writing, then the
      transaction giving rise to the Change of Control will be void ab
      initio.

	13. 	
      Appointment of an Implementation
  Agent

	13.1 	
      RPM may in its absolute discretion elect to appoint an
      agent for the purposes of implementing the transactions contemplated under
      this Agreement in accordance with the terms and conditions of this
      Agreement (the Implementation Agent). The Parties agree to take all
      necessary actions and sign all necessary documents
to:

	13.1.1 	
      appoint the Implementation Agent for this
  purpose;

	ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 	25
	14/07/2009 	  

	13.1.2 	
      provide the Implementation Agent with copies of all
      records, documents and information that may reasonably be required in
      order to give effect to the provisions of this Agreement;

	 	 
	13.1.3 	
      assist the Implementation Agent in procuring all relevant
      Authorisations, if applicable, for the purposes of executing the various
      transactions contemplated under this Agreement;

	 	 
	13.1.4 	
      authorise the Implementation Agent to take whatever steps
      may be necessary on behalf of the Parties to give effect to the provisions
      of this Agreement; and

	 	 
	13.1.5 	
      generally assist the Implementation Agent in the
      performance of any obligations required to be performed by the
      Implementation Agent under this Agreement.

	14. 	
      Breach

	14.1 	
      If a Party breaches any material provision of this
      Agreement and remains in breach for 5 Business Days after written notice
      to that Party requiring that Party to rectify that breach, the aggrieved
      Party shall be entitled (without derogating from any of its other rights
      or remedies under this Agreement or subject to clause 14.2, at law) to sue
      for immediate specific performance of any of the defaulting Party's
      obligations under this Agreement, whether or not such obligation is then
      due, and to claim any damages it has suffered.

	 	 
	14.2 	
      No Party shall be entitled to cancel this
    Agreement.

	ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 	26
	14/07/2009 	  

	Signed at Jhb	on 	             
            26 June             
                       2009 
	 	 	 
	Witness 	  	for Pelawan Trust 
	  	  	  
	/s/ signed	 	/s/ signed
	  	  	 duly authorised and warranting such

	  	  	 authority 
	 	 	 
	  	  	  
	Signed at Jhb	on 	             
            26 June             
                       2009 
	 	 	 
	Witness 	  	for Central Plaza Investments 78 
	  	  	(Proprietary) Limited (to be renamed
  
	  	  	Pelawan Finance SPV (Proprietary) 
	  	  	Limited) 
	  	  	  
	/s/ signed	 	/s/ signed
	  	  	 duly authorised and warranting such

	  	  	 authority 
	 	 	 
	  	  	  
	Signed at Jhb	on 	             
            26 June             
                       2009 
	 	 	 
	Witness 	  	for Pelawan Investments (Proprietary)
  
	  	  	Limited 
	  	  	  
	/s/ signed	 	/s/ signed
	  	  	 duly authorised and warranting such

	  	  	 authority 
	 	 	 
	  	  	  
	Signed at Jhb	on 	             
            26 June             
                       2009 
	 	 	 
	Witness 	  	for Anooraq Resources Corporation 
	  	  	  
	/s/ signed	 	/s/ signed
	  	  	 duly authorised and warranting such

	  	  	 authority 

	ARQ YE Dec 2008 FS Notes - US GAAP Draft 2009-7-8 	27
	14/07/2009 	  

	Signed at Jbh	on 	             
            26 June             
                       2009 
	 	 	 
	Witness 		for Plateau Resources (Proprietary)
      Limited 
	  	  	  
	/s/ signed	 	/s/ signed
	  	  	 duly authorised and
      warranting such 
	  	  	 authority 
	  	  	  
	 	 	 
	Signed at Jhb	on 	             
            26 June             
                       2009 
	 	 	 
	Witness 	  	for Rustenburg Platinum Mines
      Limited 
	  	  	  
	/s/ signed	 	/s/ signed
	  	  	 duly authorised and
      warranting such 
	  	  	 authority

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]