29th Jun 2018 13:00
LONDON (Alliance News) - Petra Diamonds Ltd on Friday said it has managed to secure subscribers for the outstanding 5.0% of rights issue shares in an issue dating from May.
Petra said last month it would raise up to USD178 million through a five-for-eight rights issue of new shares.
Earlier Friday, the miner said it had received acceptances for 95% of the total number of rights issue shares, and the last tranche, representing 16.7 million rights issue shares, has been secured.
It is issuing 316.1 million shares in total at 40 pence each to raise USD126.3 million. The proceeds will mainly, to the tune of USD120 million, be used to pay debt with the rest to be used as working capital.
RBC Capital Markets acted as coordinator, sponsor, and joint bookrunner and underwriter. Barclays Bank PLC was also a bookrunner and underwriter, as was BMO Capital Markets Ltd.
Shares were 1.2% lower Friday at a price of 56.20p each.
Related Shares:
BarclaysPetra DiamondsBHP Billiton PLC