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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Pan African Resources Plc | AQSE:PAF.GB | Aquis Stock Exchange | Ordinary Share | GB0004300496 | Ordinary Shares 1p |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.00 | 4.17% | 25.00 | 24.00 | 26.00 | 25.438 | 24.00 | 24.00 | 500,385 | 16:29:58 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMPAF
Pan African Resources PLCPan African Resources Funding Company
(Incorporated and registered in England and Wales Limited
under Companies Act 1985 with registered Incorporated in the Republic of South
Africa
number 3937466 on 25 February 2000)with limited liability
Share code on AIM: PAFRegistration number: 2012/021237/06
Share code on JSE: PANAlpha code: PARI
ISIN: GB0004300496
ADR code: PAFRY
("Pan African" or "the Company" or "the Group")
MINTAILS PROJECT FUNDING CLOSED AND GRANTING OF INTEGRATED ENVIRONMENTAL
AUTHORISATION
Pan African is pleased to announce that all conditions precedent to the Group's
ZAR1.3bn (US$70.3 million*) senior debt tranche (Senior Debt Facility),
designated for the funding of the Group's Mintails project (the Project), have
been fulfilled and the Senior Debt Facility has become effective. The Senior
Debt Facility was underwritten by Rand Merchant Bank, a division of FirstRand
Bank Limited (RMB), with Nedbank Limited (acting through its Nedbank Corporate
and Investment Banking division), as co-financier.
Following the successful issue of the Group's inaugural Domestic Medium Term
Note programme of ZAR800m (US$43.2 million*) in December 2022 (announced on SENS
on 9 December 2022), completion of a ZAR400 million (US$21.6 million*)
derivative funding structure with RMB (announced on SENS on 13 March 2023), and
closure of the Senior Debt Facility, the full upfront capital of ZAR2.5bn
(US$135.1 million*) for the Project's development has been secured.
The Department of Mineral Resources and Energy has also granted an environmental
authorisation for the Project in terms of regulation 24(1)(a) of the
Environmental Impact Assessment Regulations, 2014 ("EIA Regulations").
Pan African CEO Cobus Loots commented:
"This important milestone completes the funding package for Mintails'
development capital. Full scale construction of the tailings retreatment plant
at Mogale will now commence, with expected production of 50,000 ounces per year
for more than 20 years (when including both the Mogale and Soweto tailings
resources), at an all-in-sustaining costs similar to that of the Group's highly
profitable Elikhulu operation at Evander.
We look forward to the commissioning of the Project in the latter half of the
2025 calendar year and its meaningful contribution to all stakeholders.
*converted at an exchange rate of US$/ZAR: 18.50
Rosebank
1 August 2023
For further information on Pan African Resources, please visit the Company's
website at
www.panafricanresources.com
+---------------------------------------------+---------------------------+
|Corporate information |
+---------------------------------------------+---------------------------+
|Corporate Office |Registered Office |
| | |
|The Firs Office Building |Second Floor |
| | |
|2nd Floor, Office 204 |107 Cheapside |
| | |
|Cnr. Cradock and Biermann Avenues |London |
| | |
|Rosebank, Johannesburg |EC2V 6DN |
| | |
|South Africa |United Kingdom |
| | |
|Office: + 27 (0)11 243 2900 |Office: + 44 (0)20 7796 |
| |8644 |
|info@paf.co.za | |
| |info@paf.co.za |
+---------------------------------------------+---------------------------+
|Chief Executive Officer |Financial Director |
| | |
|Cobus Loots |Deon Louw |
| | |
|Office: + 27 (0)11 243 |Office: + 27 (0)11 243 2900|
|2900 | |
+---------------------------------------------+---------------------------+
|Head: Investor Relations |Website: |
| |www.panafricanresources.com|
|Hethen Hira | |
|Tel: + 27 (0)11 243 2900 | |
|E-mail: hhira@paf.co.za | |
+---------------------------------------------+---------------------------+
|Company Secretary |Nominated Adviser and Joint|
| |Broker |
|Jane Kirton | |
| |Ross Allister/David McKeown|
|St James's Corporate Services Limited | |
| |Peel Hunt LLP |
|Office: + 44 (0)20 7796 8644 | |
| |Office: +44 (0)20 7418 8900|
+---------------------------------------------+---------------------------+
|JSE Sponsor |Joint Broker |
| | |
|Ciska Kloppers |Thomas Rider/Nick Macann |
| | |
|Questco Corporate Advisory Proprietary |BMO Capital Markets Limited|
|Limited | |
| |Office: +44 (0)20 7236 1010|
|Office: + 27 (0)11 011 9200 | |
+---------------------------------------------+---------------------------+
| |Joint Broker |
| | |
| |Matthew Armitt/Jennifer Lee|
| | |
| |Joh. Berenberg, Gossler & |
| |Co KG (Berenberg) |
| | |
| |Office: +44 (0)20 3207 7800|
+---------------------------------------------+---------------------------+
This information was brought to you by Cision http://news.cision.com
END
(END) Dow Jones Newswires
August 01, 2023 02:24 ET (06:24 GMT)
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