[miningmx.com] – IMPALA Platinum (Implats) said it had raised about R4bn through the issue of approximately 102.6 million shares for R39 per share, equal to a discount of 12.7% to the 30 day volume weighted average closing price of Implats on October 6.
Implats said on September 3 that it intended to use the proceeds from a book-build to complete the R3.9bn 16 and 20 shafts projects in the next three years. The shafts will take Impala Lease production to between 815,000 to 830,000 ounces a year by 2020.
The equity issue comes at a time of sustained poor platinum prices, and other operational hiccups for Implats, which has seen cash fall by 39.5% to R2.6bn at the end of Implats’ financial year to June 30. No dividend was announced.
