REG - Tharisa PLC - Karo Project Result of private placement & listing

TharisaAnnouncement

12/12/2022 13:00

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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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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

 

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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