Zambezi Platinum, Northam Platinum‘s 31.4% BEE shareholder company, announced on Monday that it has raised R4.6 billion since its listing on the main board of the JSE on May 12, 2015 – less than a week ago.
The offer of 112 195 122 preference shares in Zambezi Platinum to existing Northam shareholders was made in proportion to their shareholding in Northam, through the issue of renounceable nil paid letters of allocation, the company reported.
Applications to subscribe for 174 128 116 new Zambezi Platinum preference shares were received, representing 155% of the offer shares.
As a result, Zambezi Platinum has successfully raised the funds required for purposes of acquiring 112,195,122 new Northam ordinary shares for an aggregate amount of R4.6 billion.
The capital raising has boosted Northam’s strong balance sheet enabling the company to pursue value-accretive growth opportunities to the benefit of shareholders and all stakeholders alike.