Tharisa PLC Karo Project Result of private placement & listing (4087J)
December 12 2022 - 8:00AM
UK Regulatory
TIDMTHS
RNS Number : 4087J
Tharisa PLC
12 December 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 - bond ISSUE RESULT OF PRIVATE PLACEMENT
AND COMMENCEMENT OF LISTING ON THE VICTORIA FALLS STOCK
EXCHANGE
Tharisa, the platinum group metals ('PGMs') and chrome
co-producer dual-listed on the Johannesburg and London stock
exchanges, hereby advises the result of the private placement of
the fixed income note offer ('the Bond' or 'Notes') by Karo Mining
Holdings plc ('the Issuer'), a subsidiary of Tharisa, and
confirmation of listing 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 applications to subscribe for Notes as
well as being advised of credit committee approval, subject to
completing certain administrative processes, to subscribe for
Notes, totalling US$31.8 million - exceeding the minimum
requirement of US$25.0 million. As such, applications have been
granted in full and the Notes will be issued to applicants in terms
of the timetable where the subscription proceeds have been
received, or on receipt of the subscription proceeds where the
funds are still to flow. Interest on the issued Notes will accrue
from the date of issue thereof. The issued Notes will be listed on
the VFEX on 16 December 2022 and, where issued subsequent to this
date, on the business day following issue.
As previously advised, all submissions to Zimbabwe's Insurance
and Pensions Commission relating to the Bond being conferred
'prescribed asset status' have been lodged. Regulatory approval has
thus far not been awarded.
The Issuer is being advised by IH Securities (Private) Limited,
the Debt Sponsor for the Listing and a member of the VFEX.
A further announcement will be made on receipt of all
subscription monies.
Paphos, Cyprus
12 December 2022
JSE Sponsor
Investec Bank Limited
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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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END
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