Karo Mining, an 85%-owned subsidiary of JSE- and LSE-listed platinum group metals (PGMs) and chrome co-producer Tharisa, reports that the subscription closing date to raise $50-million by way of introduction on the Victoria Falls Stock Exchange (VFSX) has been extended.
Karo Mining has received strong interest in the bond from certain institutions in the final internal approval processes for participation.
As such, the notes offer will now close on December 9, instead of the previously stated November 30; while the issuance of notes will take place on December 13, instead of December 5. The listing of bonds will take place on December 14.
The proceeds from the bond will be applied to part fund the Karo platinum project – a development stage, low-cost, openpit PGMs asset, located on the Great Dyke in Zimbabwe.
All submissions to Zimbabwe’s Insurance and Pensions Commission relating to the bond being conferred “prescribed asset status” have been lodged; however, the regulatory approval is still outstanding.
Groundbreaking has taken place at the Karo platinum project, while first ore milled is set to take place in July 2024.
The capital raise forms part of a broader capital strategy by Tharisa to fund the development of the project.