Atlatsa Resources has commenced with implementation of the final stage of its group restructure plan where Anglo American Platinum is to subscribe for 125 million common shares in Atlatsa for ZAR 750 million (US$ 70 million).

The final phase of the restructure plan comprises a series of transactions between Atlatsa and Anglo American Platinum wholly owned subsidiary, Rustenberg Platinum Mines, resulting in Anglo American Platinum subscribing for 125 million new common shares in Atlatsa for an aggregate subscription price of ZAR 750 million (US$ 70 million), the company said in a statement.

In terms of the restructure plan, the proceeds from the equity financing will be utilized by Atlatsa to further reduce its balance sheet debt and, consequently, reduce its cost of borrowing. Atlatsa anticipates that its restructure plan will be fully completed by early February 2014.