JOHANNESBURG (miningweekly.com) – Platinum junior Anooraq Resources announced on Wednesday that the last remaining conditions precedent to its acquisition of a 51% stake in the Lebowa platinum mine from platinum major Anglo Platinum (AngloPlat), would be fulfilled or waived by the end of June.
This comes after shareholders had approved all the resolutions relating to the transaction at an extraordinary general meeting on Monday.
This included the approval of definitive funding agreements, including the provision of R750-million, or C$103,6-million, of senior debt funding by Standard Chartered Bank.
Shareholders had also approved the issue of cumulative redeemable preference shares to the AngloPlat subsidiary, Rustenburg Platinum Mines, to raise R1,2-billion and the issue of cumulative convertible preference shares to a special purpose funding vehicle established between AngloPlat and Anooraq’s biggest shareholder, Pelawan Investments, to raise a further R1,1-billion.
The provision of an operating cash flow shortfall facility of up to R750-million and a stand-by loan facility by AngloPlat had also been approved.
AngloPlat would also provide about R150-million to ensure the participation of communities and the Lebowa employees in the transaction.
Anooraq and Pelawan announced in October last year that it wanted to buy 51% of the Lebowa platinum mine and an additional 1% controlling interest in each of the Ga-Phasha, Boikgantsho and Kwanda joint-venture projects.
In May, the three parties had renegotiated the purchase consideration to R2,6-billion, down from R3,6-billion, owing to the difficult prevailing market conditions.