Pan African Resources PLC Confirmation of listing & pricing of ordinary shares

 
TIDMPAF 
 
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, IS NOT FOR PUBLICATION, 
RELEASE, DISSEMINATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN 
PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER 
JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. 
 
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF 
AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF THE SECURITIES REFERRED TO 
HEREIN, IN OR INTO ANY JURISDICTION WHERE SUCH OFFER, SOLICITATION OR SALE 
WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES 
LAWS OF ANY SUCH JURISDICTION. 
 
                           Pan African Resources PLC 
 
                     ("PAF", the "Company" or the "Group") 
 
                                 AIM Code: PAF 
 
                                 JSE Code: PAN 
 
                              ISIN: GB0004300496 
 
            Confirmation of listing and pricing of ordinary shares 
 
Pan African Resources PLC, the Africa-focused precious metals producer refers 
shareholders to the announcements released on 12 April 2017 in respect of the 
Bookbuild through which a total of 291,480,983 new ordinary shares (the 
"Placing Shares") were successfully placed, raising gross proceeds of ZAR705 
million (US$51 million). 
 
The Company is pleased to announce that approval to admit the Placing Shares 
for trading on AIM, a market operated by the London Stock Exchange ("LSE") and 
the Johannesburg Stock Exchange, an exchange operated by JSE Limited ("JSE") 
has been granted by the LSE and the JSE, both with effect from commencement of 
trade on Wednesday, 19 April 2017. 
 
Furthermore, in compliance with paragraph 11.22 Listings Requirements of the 
JSE, the following information is disclosed: 
 
  * A total of 291,480,983 Placing Shares were issued at a price of 14 pence 
    per Placing Share (representing a discount of approximately 7.6% to the 
    30-day volume weighted average traded price of 15.15 pence on the LSE as at 
    11 April 2017) or ZAR2.42 per Placing Share (representing a discount of 
    approximately 7.6% to 30-day volume weighted average traded price of R2.62 
    on the JSE as at 11 April 2017); 
  * The Company will therefore have 2,234,687,537 Ordinary Shares in issue 
    subsequent to the Bookbuild, which figure may also be used by shareholders 
    as the denominator for the calculations by which they will determine if 
    they are required to notify their interest in, or a change to their 
    interest in, the Company; 
  * The Placing Shares were issued to public shareholders as defined in the JSE 
    Listings Requirements, comprising existing and new institutional investors; 
  * The net proceeds of the Placing will be used to fast-track development of 
    the Company's Elikhulu Tailings Project in South Africa ("Project") 
    following publication of the Definitive Feasibility Study for the Project 
    announced on 5 December 2016 and for working capital purposes. 
 
This announcement contains inside information which is disclosed in accordance 
with the Market Abuse Regulation. 
 
Unless otherwise defined herein, terms are as defined in the announcements made 
on 12 April 2017. 
 
Johannesburg 
 
19 April 2017 
 
Contact information 
 
Corporate Office                    Registered Office 
The Firs Office Building            Suite 31 
1st Floor, Office 101               Second Floor 
Cnr. Cradock and Biermann Avenues   107 Cheapside 
Rosebank, Johannesburg              London 
South Africa                        EC2V 6DN 
Office: + 27 (0) 11 243 2900        United Kingdom 
Facsimile: + 27 (0) 11 880 1240     Office: + 44 (0) 207 796 8644 
                                    Facsimile: + 44 (0) 207 796 8645 
 
Cobus Loots                         Deon Louw 
Pan African Resources PLC           Pan African Resources PLC 
Chief Executive Officer             Financial Director 
Office: + 27 (0) 11 243 2900        Office: + 27 (0) 11 243 2900 
 
Phil Dexter                         John Prior / Paul Gillam 
St James's Corporate Services       Numis Securities Limited 
Limited                             Nominated Adviser, Joint Broker and Joint 
Company Secretary                   Bookrunner 
Office: + 44 (0) 207 796 8644       Office: [phone] 
 
Sholto Simpson                      Matthew Armitt / Ross Allister 
One Capital                         Peel Hunt LLP 
JSE Sponsor                         Joint Broker and Joint Bookrunner 
Office: + 27 (0) 11 550 5009        Office: [phone] 
 
Jeffrey Couch/Neil Haycock/Thomas   Andrew Chubb / Arabella Burwell 
Rider                               Hannam and Partners (Advisory) LLP 
BMO Capital Markets Limited         Financial Adviser and Joint Bookrunner 
Joint Broker                        Office: [phone] 
Office: [phone] 
 
Bobby Morse/Chris Judd              Sandra du Toit / Richard Stout 
Buchanan Communications             The Standard Bank of South Africa Limited 
Public & Investor Relations UK      Transaction Sponsor and Joint Bookrunner 
Office: + 44 (0) 207 466 5000       Office: [phone] 
 
Julian Gwillim                      Julian Grieve / Irshaad Paruk 
Aprio Strategic Communications      FirstRand Bank Limited (Rand Merchant 
Public & Investor Relations SA      Bank division) 
Office: [phone]          Joint Bookrunner 
                                    Office: [phone] 
 
For more information, please visit www.panafricanresources.com 
 
Important Information 
 
This Announcement may contain forward-looking statements, including but not 
limited to statements about the costs of, and the Company's ability to 
successfully construct, commission and execute, the Project. By their nature, 
forward-looking statements involve risks and uncertainties because they relate 
to events and depend on circumstances that may or may not occur in the future 
and therefore are based on current beliefs and expectations about future 
events. Forward-looking statements are not guarantees of future performance and 
the Group's actual operating results and financial condition, and the 
development of the industry in which it operates may differ materially from 
those made in or suggested by the forward-looking statements contained in this 
announcement. In addition, even if the Group's operating results, financial 
condition and liquidity, and the development of the industry in which the Group 
operates are consistent with the forward-looking statements contained in this 
announcement, those results or developments may not be indicative of results or 
developments in subsequent periods. Accordingly, prospective investors should 
not rely on these forward-looking statements. The Company disclaims any 
intention or obligation to update or revise any forward-looking statements, 
whether as a result of new information, future events or otherwise. None of the 
Company, the Directors or the Bookrunners undertake any obligation nor do they 
intend to revise or update any document unless required to do so by applicable 
law, the Prospectus Rules, the Disclosure Requirements or the Transparency 
Rules. 
 
This Announcement has been issued by, and is the sole responsibility of, the 
Company. No representation or warranty, express or implied, is or will be made 
as to, or in relation to, and no responsibility or liability is or will be 
accepted by the Bookrunners or by any of their respective affiliates or agents 
as to or in relation to, the accuracy or completeness of this announcement or 
any other written or oral information made available to or publicly available 
to any interested party or its advisers, and any liability therefore is 
expressly disclaimed. 
 
Numis Securities, Hannam and Partners, and Peel Hunt, each of which is 
authorised and regulated in the United Kingdom by the Financial Conduct 
Authority ("FCA"), are each acting exclusively for the Company and no one else 
in connection with the Placing, and will not regard any other person (whether 
or not a recipient of this document) as a client in relation to the Placing, 
and will not be responsible to anyone other than the Company for providing the 
protections afforded to their respective clients, nor for providing advice, in 
relation to the Placing or any other matter referred to in this Announcement. 
 
Rand Merchant Bank and Standard Bank are each acting exclusively for the 
Company and no one else in connection with the Placing, and will not regard any 
other person (whether or not a recipient of this document) as a client in 
relation to the Placing, and will not be responsible to anyone other than the 
Company for providing the protections afforded to their respective clients, nor 
for providing advice, in relation to the Placing or any other matter referred 
to in this Announcement. 
 
Apart from the responsibilities and liabilities, if any, which may be imposed 
on the Bookrunners by the Financial Service and Markets Act 2000, as amended, 
or the regulatory regime established thereunder, or by the London Stock 
Exchange or the AIM Rules for Companies and AIM Rules for Nominated Advisers, 
or under the regulatory regime of any jurisdiction where exclusion of liability 
under the relevant regulatory regime would be illegal, void or unenforceable, 
none of the Bookrunners, nor any of their respective affiliates, directors, 
officers, employees or advisers accepts any responsibility whatsoever for, or 
makes any representation or warranty, express or implied, as to, the contents 
of this announcement, including its accuracy or completeness, or for any other 
statement made or purported to be made by it, or on behalf of it, the Company, 
the Directors or any other person, in connection with the Company, the New 
Ordinary Shares and the Placing, and nothing in this document should be relied 
upon as a promise or representation in this respect, whether or not to the past 
or future. Each of the Bookrunners and their respective affiliates, directors, 

officers, employees and advisers accordingly disclaims to the fullest extent 
permitted by law all and any responsibility or liability whatsoever, whether 
arising in tort, contract or otherwise (save as referred to above), which it 
might otherwise have in respect of this Announcement or any such statement. 
 
The distribution of this Announcement and the offering of the New Ordinary 
Shares in certain jurisdictions other than the United Kingdom and the Republic 
of South Africa may be restricted by law. Subject to certain exceptions, no 
action has been taken by the Company or the Bookrunners that would permit an 
offering of the New Ordinary Shares or possession or distribution of this 
Announcement or any other offering or publicity material relating to such 
shares in the Excluded Territories or in any other jurisdiction where action 
for that purpose is required. Persons into whose possession this announcement 
comes are required by the Company, and the Bookrunners to inform themselves 
about, and to observe, any such restrictions. 
 
Any statements contained in this Announcement regarding past trends or 
activities should not be taken as a representation that such trends or 
activities will continue in the future. 
 
No statement in this Announcement is or is intended to be a profit forecast or 
profit estimate or to imply that the earnings of the Company for the current or 
future financial years will necessarily match or exceed the historical or 
published earnings of the Company. The price of shares and the income from them 
may go down as well as up and investors may not get back the full amount 
invested on disposal of the shares. 
 
Neither the content of the Company's website nor any website accessible by 
hyperlinks on the Company's website is incorporated in, or forms part of, this 
Announcement. 
 
 
 
END 
 

(END) Dow Jones Newswires

April 19, 2017 11:00 ET (15:00 GMT)