REG - Tharisa PLC - KARO $50 million Bond issue Extension Closing date

TharisaAnnouncement

30/11/2022 14:15

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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 2022  Friday, 9 December 2022
 Issuance of Notes   Monday, 5 December 2022      Tuesday, 13 December 2022
 Listing of Bonds    Wednesday, 14 December 2022  Wednesday, 14 December 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

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Investor Relations Contacts:

Ilja Graulich (Head of Investor Relations and Communications)

+27 11 996 3500

+27 83 604 0820

igraulich@tharisa.com (mailto:igraulich@tharisa.com)

 

Financial PR Contacts:

Bobby Morse / Oonagh Reidy

+44 207 466 5000

tharisa@buchanan.uk.com (mailto: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
(http://www.tharisa.com) and www.karomining.com (http://www.karomining.com)

 

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