By Maryam Cockar
Harmony Gold Mining Co. (HAR.JO) said Tuesday that it will raise up to 1.26 billion South African rand ($100 million) to pay back part of an outstanding bridge loan that was used to buy the Moab Khotsong gold mine.
The South African miner said it will raise the sum, which represents about 15% of its existing issued share capital, through a share placing.
The placing will be conducted through an accelerated bookbuilding process and the price of each share will be determined at the close of the process, the company said.
Harmony said $50 million of the $200 million bridge loan has already been paid, and about $100 million will be paid using proceeds from the placing. The remaining $50 million will be paid using existing cash resources and existing undrawn loans.
Write to Maryam Cockar at [email protected]