Fladgate advises Pan African Resources on £15.9m vendor placing

Our team: Nigel Gordon

Fladgate has advised Pan African Resources PLC in connection with its placing in the UK and South Africa to raise approximately £15.9 million. The money is being raised in connection with the proposed acquisition from Jadeite Limited (Jadeite) by Pan African of 33.0% of the issued share capital of Shanduka Gold Proprietary Limited (Shanduka Gold) which will, when added to other shares in Shanduka Gold being acquired by Pan African, result in Pan African holding 49.9% of the issued share capital of Shanduka Gold. Approximately a further 0.6% of the issued share capital of Shanduka Gold will be retained by Jadeite for sale, at a future date, to an independent third party nominated by Pan African.

Pan African Resources is a precious metals mining group which produces in excess of 200,000oz of gold and 8,000oz of PGM’s per annum. Pan African Resources is a South African based company which is admitted to trading on AIM and listed on the Johannesburg Stock Exchange.

The Fladgate team was led by capital markets partner Nigel Gordon.

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