SILICA and coal miner, Petmin, is to raise R60m and boost its share capital by a third by issuing shares to the New African Mining Fund, PSG Capital and an unnamed institution, said Business Day.
The Fund, Petmin’s second-biggest shareholder, will subscribe for at least R40m, or 44,4-million shares, said the newspaper.
The Group has not yet specified what the funds would be used for but in December Petmin’s shareholders approved plans to develop its Somkhele anthracite project, said Business Day.
Petmin management at the time said that the development would be financed through a combination of shares issued to the fund, bank debt and internal resources, said Business Day.
© 2009 Petmin Limited