Johannesburg, South Africa — 27 November 2012 – AIM and JSE-listed precious metals producer Pan African Resources has revealed that it is planning to raise R703 million by way of a rights issue in order to acquire Evander Gold Mines Limited.

A company statement issued here said the rights offer would be implemented at 25.5 rights shares for every 100 Pan African Resources ordinary shares. The subscription price would be R1.9 per rights share.

Shareholders in the company’s UK register would be required, if they took the offer up, to subscribe for the rights shares at 14p each, it added.

The statement pointed out that subject to criteria, the offer would be open to shareholders on the company’s UK and South African registers as at 14 December. Implementation of the rights issue was subject to shareholder approval on 30 November 2012, as well as relevant regulatory approval.

Pan African Resources is a precious metals producer that operates in South Africa and Mozambique.

Earlier in November, Pan African Resources said it was ‘excited’ by the prospect of the imminent conclusion of its acquisition of Evander Gold Mines. At that time, Pan African Resources chief executive Jan Nelson said Evander continued to prove its worth as a quality asset and game changer for the company.

Source: Pan African Resources. For more information, click here