Diversified miner and exploration company Bauba Platinum and Pelagic Resources will amend the terms of their December 2020 subscription agreement.
The subscription shares will now be issued at 31c a share, being a 4.13% discount to the 30-day volume weighted average price at the close of business on January 19. This will amount to R35.2-million, and still represents 29.9% of the issued share capital of Bauba.
The long-stop date for the fulfillment of conditions precedent to the subscription was extended to January 22.
In December 2020, Bauba had entered into an agreement with Pelagic Resources, which would see Pelagic subscribe for 113.6-million ordinary shares of the company.