Moab Khotsong
Gold miner Harmony Gold has raised R1.05-billion, or $82-million, through the placing of 55-million new ordinary shares with existing and new institutional investors at a price of R19.12 apiece.
The placing, first announced on Tuesday, was aimed at raising up to R1.26-billion, or $100-million.
The net proceeds of the placing will be used to pay down part of the outstanding $150-million bridge loan raised for the acquisition of Moab Khotsong, in North West, from AngloGold Ashanti, which concluded end-February for a total consideration of R3.5-billion.
In addition to the placing shares, African Rainbow Minerals – Harmony’s strategic black economic empowerment partner – has agreed to subscribe for about 11-million shares at the placing price to ensure that its current shareholding of 14.29% is maintained.
Harmony’s issued share capital now comprises more than 500-million shares.