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RBPlat concludes first part of R1.5bn capital raising

17th March 2014

By: Leandi Kolver

Creamer Media Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – Following the successful conclusion of a R700-million fundraising through a bookbuild offering, platinum producer Royal Bafokeng Platinum (RBPlat) would now raise an additional R800-million through a rights offering, the company said on Monday.

The R1.5-billion in capital raised would be used to fund the company’s Styldrift 1 project, in the North West.

RBPlat said the terms of the rights offering had been finalised and that the offer was now unconditional in terms of the JSE listings requirements.

The company intended to raise the R800-million by issuing 14.55-million new ordinary shares at R55 a share. These shares would rank on equal footing with existing issued ordinary shares in the company.

“The rights offer subscription price represents a discount of 14.8% to the 30-day volume weighted average share price of RBPlat shares on the JSE as at Tuesday, March 11, 2014, being the last trading day prior to the date on which the rights offer pricing was approved by the board of directors of RBPlat,” the company stated.

The listing and trading of the shares available under the rights offering would start at 09:00 on April 7, with the offer closing on April 11.

Edited by Tracy Klückow
Creamer Media Contributing Editor

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