[miningmx.com] — GOLD One International said on Tuesday it has secured the necessary finance to settle the Rand Uranium and Ezulwini acquisition deals.
CEO Neal Froneman said majority shareholder Baiyin Nonferrous Group has granted it a $75m loan, which along with the $120m Investec facility secured in August, should be adequate to settle the $112m outstanding on the Rand Uranium transaction as well as the $70m payable for the proposed Ezulwini deal.
“Gold One had the option of settling $100m of the $250m Rand Uranium acquisition in cash or through the issue of new fully paid ordinary shares,” read a statement. “Gold One has made the election to settle the remaining acquisition consideration in cash.”
Said Froneman: “I believe that our share trades well below fair value and in these circumstances I am pleased that we have been able to use an appropriate amount of gearing to settle our recent acquisitions of Rand Uranium and Ezulwini.”
