NEWS ROUNDUP — Dundee sub. to complete share exchange

Bermuda-based Dundee International, a wholly owned subsidiary of Dundee Bancorp (TSE), will make a 1-for-1 share exchange offer to acquire the 263 million ordinary shares of Knights Gold Mining. Knights is engaged in processing gold-bearing tailings in Johannesburg, South Africa.

Prior to the closing date of the offer, Dundee International will issue 97,817,670 shares to Dundee Bancorp for US$9 million. Dundee International will seek a primary listing of its shares on the London Stock Exchange. Dundee Bancorp currently owns 28% of the issued shares of Knights. Assuming 100% acceptance of the share exchange, Dundee Bancorp will own about 46% of Dundee International. The share offer is conditional upon acceptance by Knights’ shareholders holding more than 50% of the outstanding Knights shares and regulatory approvals.