Securities prospectus - Pearl Gold AG

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Prospectusof 14 September 2012for admission to the regulated Market of the Frankfurt Stock Exchange without additional postadmissionobligations (General Standard)of 25,000,000 non-par bearer shares (EUR 25,000,000 total share capital),each representing a notional amount of the share capital of EUR 1.00 with full dividend rights asof 1 January 2012International Securities Identification Number (ISIN): DE000A0AFGF3German Securities Identification Number (WKN): A0A FGFTicker symbol: 0P2ofPEARL GOLD AGFrankfurt am Main2
Table of ContentsSUMMARY OF THE PROSPECTUS 7SECTION A – INTRODUCTION AND WARNINGS 7SECTION B – ISSUER 7SECTION C – SECURITIES 17SECTION D – RISKS 18SECTION E – OFFER 23RISK FACTORS 24SPECIFIC RISKS RELATING TO THE OPERATION OF WASSOUL'OR 27RISKS RELATING TO THE STRUCTURE OF PEARL GOLD AG 36RISKS RELATING TO MALI 37RISKS RELATING TO LEGAL DEVELOPMENTS 40RISKS RELATING TO THE SHARES 41GENERAL INFORMATION 43RESPONSIBILITY FOR THE CONTENTS OF THE PROSPECTUS 43PURPOSE OF THE PROSPECTUS 43STATEMENTS ABOUT THE FUTURE 43REMARKS ON MARKET INFORMATION SOURCES AND TECHNICAL TERMS 45REMARKS ON FINANCIAL INFORMATION AND FIGURES 45THE INTERESTS OF NATURAL AND LEGAL PERSONS PARTICIPATING IN THE STOCKEXCHANGE ADMISSION 46EXPERT RESPONSIBLE FOR THE EXPERT’S REPORT 46DOCUMENTS AVAILABLE FOR INSPECTION 47CURRENCY INFORMATION 47REMARKS ON THE GLOSSARY 48GENERAL AND PARTICULAR INFORMATION ON THE SHARES 49VOTING RIGHTS 49DIVIDEND RIGHTS, OTHER PROPERTY RIGHTS, AND VOTING RIGHTS 49FORM AND SECURITISATION OF THE SHARES 50GERMAN SECURITIES IDENTIFICATION NUMBER (WKN) / ISIN / TRADING SYMBOL 50TRANSFERABILITY, OWNERSHIP TRANSFER PROHIBITIONS 50LOCK-UP AGREEMENTS 50STOCK EXCHANGE ADMISSION AND LISTING 50DESIGNATED SPONSOR 50TRADING REGULATIONS 513
Page 6: BOARD OF MANAGEMENT 116SUPERVISORY
Page 9 and 10: extractable gold cannot appreciably
Page 11 and 12: following financial statements of P
Page 13 and 14: Mansa Moussa was issued 9,750,000 n
Page 15 and 16: financing 736.9 378.4Cash flow from
Page 17 and 18: auditors have pointed out that PEAR
Page 19 and 20: In summary, these are:Market-relate
Page 22 and 23: PEARL GOLD AG’s ability todistrib
Page 24 and 25: RISK FACTORSInterested persons shou
Page 26 and 27: weakening of consumer sentiment, ri
Page 28 and 29: The Company’s stated mineral rese
Page 30 and 31: Risks relating to the electrical po
Page 32 and 33: Wassoul’Or’s mining, processing
Page 34 and 35: levels and adverse publicity and/or
Page 36 and 37: This risk could have an adverse eff
Page 38 and 39: Emerging markets, such as Mali, in
Page 40 and 41: access to the capital markets and t
Page 42 and 43: investor assessments and changes in
Page 44 and 45: Activity”, “Operating and Finan
Page 46 and 47: percentages used in the text do not
Page 48 and 49: Currency data in US dollars is iden
Page 50 and 51: FORM AND SECURITISATION OF THE SHAR
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Deutsche Börse AG publishes order
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OPERATING AND FINANCIAL REVIEW (OFR
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These differing valuation bases lea
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PEARL GOLD AG Earnings Performance
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PEARL GOLD AG TOTAL ASSET PERFORMAN
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Total Assets Performance for the Fi
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the Wassoul’Or shares ceded and t
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The following is an explanatory ove
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eservesof which netaccumulated loss
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audited< 1 year 257.21 to 5 years 5
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MARKET ENVIRONMENT AND COMPETITIONT
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750 75.0% 18585 58.5% 14416 41.6% 1
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will be profitable. The fact that t
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Cyanide leaching;Chlorine gas refin
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Iamgold Corporation (Canada). These
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PEARL GOLD AG is a German share Cor
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MATERIAL AGREEMENTSThe Company is a
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BUSINESS OF WASSOUL'OR S.A.OVERVIEW
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This share capital is divided into
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Members nominated by PEARL GOLD AG:
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analyses and reports, etc.) during
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Founder and principal owner of the
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the Kalana gold mine. With SODINAF
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Agreements entered into between Was
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ASSET TRANSFERArt. 25 of the "Conve
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GENERAL INFORMATION ON PEARL GOLD A
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"We note, without qualifying this a
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share capital to EUR 10,250,000.00,
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No authorisation has been granted t
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The Board of Management is authoris
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Under the German Stock Corporation
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With the exception of the 3% thresh
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Under German law, a shareholder gen
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Joint areas of responsibility Corpo
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In the current or the preceding fin
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Current composition of the Supervis
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KineticPartners(Switzerland) SA,Man
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strategic and economic advisor for
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SHAREHOLDERS MEETINGThe Shareholder
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Upon the listing on a stock exchang
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The Company entered into a loan agr
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MAIN FEATURES OF TAXATION IN GERMAN
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Exemption limit: The net interest e
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under the law, at any point in time
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(1) the foreign shareholder holds a
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Taxation of non-resident taxpayersI
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MAIN FEATURES OF TAXATION IN MALITh
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Standards)ISINOHADA(IASB).Internati
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Brecciated structuresCRMOreExplorat
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TonneMetric tonTPSTroy ounceOunceCy
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Table of ContentsPEARL GOLD AGPageS
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(this page has been intentionally l
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INCOME STATEMENT (IFRS)FOR THE PERI
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BALANCE SHEET (IFRS)AS AT 31 DECEMB
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STATEMENT OF CHANGES IN EQUITY (IFR
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NOTES (IFRS)FOR THE PERIOD FROM 1 J
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IFRIC 19 “Extinguishing Financial
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IFRIC 20 “Stripping Costs in the
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Deferred tax liabilitiesDeferred ta
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The classification depends on the n
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3 SEGMENT REPORTINGIn connection wi
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Under current laws, dividend income
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Gold depositsThe amount and quality
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14 SUBSCRIBED CAPITALAS AT 31 DECEM
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15 CAPITAL RESERVESAS AT 31 DECEMBE
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19 OTHER PROVISIONSAS AT 31 DECEMBE
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22 RECONCILIATION OF EQUITY AND TOT
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24 OTHER FINANCIAL OBLIGATIONSAS AT
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The maximum risk exposure of financ
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27 EARNINGS PER COMMON SHARE (IFRS)
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Alexandre Davidoff, Attorney, Marti
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In our opinion, based on the findin
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BALANCE SHEETPEARL GOLD AGFrankfurt
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NOTES for the period ending 31 Dece
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NOTES for the period ending 31 Dece
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StructurePEARL GOLD AG, FRANKFURT A
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The company's liquidity is ensured
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The participation of more than 4,00
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A tense political situation could a
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Frankfurt am Main, 11 July 2012Wart
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INCOME STATEMENT from 01/01/2010 to
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Disclosures and explanations for ba
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Disclosures regarding shareholdings
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Frankfurt am Main, 11 July 2012Wart
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1. General disclosuresNOTES as at 3
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NOTES as at 31 December 2009PEARL G
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SUPPLEMENTAL COMPONENTS OF THEANNUA
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STATEMENT OF CHANGES IN EQUITY FOR
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Our review did not reveal any facts
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BALANCE SHEETIn CFA francs Notes 31
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Statement of comprehensive incomeIn
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Statement of changes in equityIn CF
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1. GENERAL INFORMATIONThe IFRS sepa
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• Mr Mamadou Lamine Ballo; reside
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- First-time mandatory application
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If no useful deposits are found, ex
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2.13 Receivables and liabilitiesRec
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Any incidental income generated dur
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Depreciation is performed using the
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4.14 LoansLoan of CFAF 700,000,000
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4.19 Personnel expensesThese are co
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EFFECTS OF FIRST-TIME ADOPTION OF I
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The financial instruments in the fo
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Auditor's Report for Wassoul'Or S.A
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TABLE OF CONTENTSPageEXPERTS REPORT
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Cyanidation Tests on Grounded Sampl
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APPENDICESAPPENDIX 1APPENDIX 2APPEN
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Pierre C. LabrèqueProjectWassoul
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Independent Technical and Economic
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Independent Technical and-Economic
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Dated this 24 th day of February 20
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APPENDIX 1Legal Act by Dramane Demb
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Strickly Confidential Disclosure Re
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Strickly Confidential Disclosure Re
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APPENDIX 2Results of Met Solve Labo
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GRAVITY CONCENTRATION TEST REPORTCl
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SIZE-BY-SIZE HEAD ASSAYClient: Bumi
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SIZE-BY-SIZE HEAD ASSAYClient: Bumi
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Quote: T0500 - Wassalour-IL-091019W
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Document Number: T0500 Status: Fina
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APPENDIX 5Revised Environmental Per
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Table de matières1.0 Contexte et j
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Notice d’impact Environnemental &
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1 234 56 7 8AAB1750180010°175010°
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APPENDIX 6Sensitivity AnalysisSprea
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PEARL GOLD AGFrankfurt am Mainsigne
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Securities prospectus - Pearl Gold AG

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