ROYAL Bafokeng Platinum (RBPlat) said today it had raised about R240m following a sale of approximately 9.79 million shares through a book-build programme.
The completion of the book-build follows an announcement earlier this week that it had secured a R1bn increased in its lending facilities taking credit to R3bn.
RBPlat’s efforts to shore up its balance sheet reflect a busy corporate period over the last 12 months in which it has bought the Maseve mine and infrastructure from Platinum Group Metals and the 33% in Bafokeng Rasimone Platinum Mine that was previously owned by Anglo American Platinum in a deal worth R1.86bn.
In terms of the book-build, the shares were issued at a price of R24.50/share and represent some 5% of RBPlat’s share capital prior to the placing.
The placing price represents a discount of 1.4% to the 30-day volume weighted average traded price of RBPlat ordinary shares for the 30-trading day period ended 26 September 2018 and a discount of 13.8% to the closing price of RBPlat on 26 September 2018, the company said in an announcement to the JSE.
