TIDMTHS
RNS Number : 1192I
Tharisa PLC
30 November 2022
Tharisa plc
(Incorporated in the Republic of Cyprus with limited
liability)
(Registration number HE223412)
JSE share code: THA
LSE share code: THS
A2X share code: THA
ISIN: CY0103562118
LEI: 213800WW4YWMVVZIJM90
('Tharisa' or the 'Company')
KARO PLATINUM PROJECT - US$50 million bond ISSUE - EXTENSION OF
SUBSCRIPTION CLOSING
Tharisa, the platinum group metals ('PGMs') and chrome
co-producer dual-listed on the Johannesburg and London stock
exchanges, hereby advises an extension of the fixed income note
offer ('the Bond' or 'Notes') by Karo Mining Holdings plc ('the
Issuer'), a subsidiary of Tharisa, to raise US$50 million to be
listed by way of introduction on the Victoria Falls Stock Exchange
('VFEX'). The proceeds from the Bond will be applied to part fund
the Karo Platinum Project - a development stage, low-cost, open-pit
PGM asset, located on the Great Dyke in the Republic of Zimbabwe
('Project') .
The Issuer has received strong interest in the Bond with certain
institutions in the final internal approval processes for
participation, and to accommodate these potential investors, and to
ensure administrative processes are completed, the offer window for
the application of Notes in the Bond has been extended as
follows.
Event Original Date New Date
Notes Offer Closes Wednesday, 30 November Friday, 9 December
2022 2022
----------------------- -----------------------
Issuance of Notes Monday, 5 December Tuesday, 13 December
2022 2022
----------------------- -----------------------
Listing of Bonds Wednesday, 14 December Wednesday, 14 December
2022 2022
----------------------- -----------------------
All submissions to Zimbabwe's Insurance and Pensions Commission
relating to the Bond being conferred 'prescribed asset status' have
been lodged. However, the regulatory approval is still awaited.
The Project is scheduled to commence production with first ore
milled in July 2024. Ground-breaking using a local earthworks
contractor has commenced, marking the beginning of the Karo
construction phase.
The capital raise forms part of a broader capital strategy by
Tharisa to fund the development of the Project.
Tharisa is a 70% shareholder in the Issuer, a company
incorporated in the Republic of Cyprus, which in turn indirectly
owns 85% of the Project, with the Government of Zimbabwe holding
the remaining 15%, on a free carry basis.
The Issuer is being advised by IH Securities (Private) Limited,
the Debt Sponsor for the Listing and a member of the VFEX.
Copies of the prospectus can be obtained from Tharisa, the
Issuer or on the websites referenced below.
Paphos, Cyprus
30 November 2022
JSE Sponsor
Investec Bank Limited
Connect with us on LinkedIn and Twitter to get further news and
updates about our business.
Investor Relations Contacts:
Ilja Graulich (Head of Investor Relations and
Communications)
+27 11 996 3500
+27 83 604 0820
igraulich@tharisa.com
Financial PR Contacts:
Bobby Morse / Oonagh Reidy
+44 207 466 5000
tharisa@buchanan.uk.com
Broker Contacts:
Peel Hunt LLP (UK Joint Broker)
Ross Allister / Georgia Langoulant
+44 207 7418 8900
BMO Capital Markets Limited (UK Joint Broker)
Thomas Rider / Nick Macann
+44 207 236 1010
Berenberg (UK Joint Broker)
Matthew Armitt / Jennifer Lee / Detlir Elezi
+44 203 207 7800
Nedbank Limited (acting through its Corporate and Investment
Banking division) (RSA Broker)
Carlyle Whittaker
+27 11 294 0061
About Tharisa
Tharisa is an integrated resource group critical to the energy
transition and decarbonisation of economies. It incorporates
mining, processing, exploration, and the beneficiation, marketing,
sales, and logistics of PGMs and chrome concentrates, using
innovation and technology as enablers. Its principal operating
asset is the Tharisa Mine located in the south-western limb of the
Bushveld Complex, South Africa. The mechanised mine has a 20-year
open-pit life and the ability to extend operations underground by
at least an additional 40 years. Tharisa also owns Karo Mining
Holdings (70%) a development stage, low-cost, open-pit PGM asset,
located on the Great Dyke in Zimbabwe. The Company is committed to
reducing its carbon emissions by 30% by 2030 and the development of
a roadmap is continuing to be net carbon neutral by 2050. Tharisa
plc is listed on the Johannesburg Stock Exchange (JSE: THA) and the
Main Board of the London Stock Exchange (LSE: THS).
About VFEX
The Victoria Falls Stock Exchange (VFEX) is a subsidiary of the
Zimbabwe Stock Exchange (ZSE) established to kick start the
Offshore Financial Services Centre (OFSC) earmarked for the special
economic zone in Victoria Falls. The VFEX is a US$ based exchange.
Key incentives applicable to the VFEX include capital raised by a
company listed on VFEX may be held in an approved local or offshore
account with an internationally recognised banking institution;
allowance to use offshore settlement for trades; tax incentives for
shareholders of shares listed on VFEX - 5% dividend withholding tax
(foreign investors only) and exemption from capital gains
withholding tax.
Details of the Karo Platinum Project can be found at
www.tharisa.com and www.karomining.com
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