Gold-, platinum- and coal-mining company Pan African Resources told shareholders on Thursday that it would be raising equity capital to cement its black economic-empowerment (BEE) compliance and provide it with financial headroom for swift access to organic and acquisitive growth opportunities.
The London Aim-quoted and Johannesburg main-board-listed company said in a Stock Exchange News Service announcement that UK bookrunners would raise up to R363.1-million to fund the buyout of its BEE partner Shanduka Gold’s 23.8%, while it developed a more cohesive arrangement with the back-owned Mabindu Business Development Trust, which in turn owned 49.5% of Shanduka Gold.
