Fladgate LLP has acted for Pan African Resources PLC on a US$51m placing which was implemented by way of an accelerated bookbuild. Pan African Resources is an Africa-focused precious metals producer and is listed on AIM and on the Johannesburg Stock Exchange.
The net proceeds of the placing will be used in conjunction with a proposed ZAR1.0bn (US$72.3m) underwritten seven-year debt facility which has been agreed in principle with Rand Merchant Bank to fast-track development of Pan African’s Elikhulu Tailings Project in South Africa following publication of the Definitive Feasibility Study for the Project, announced on 5 December 2016.
The Fladgate team was led by capital markets partner Nigel Gordon.
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