- For the Company to dispose of 31.4 million attributable PGM* ounces, comprising the eastern section of the Ga-Phasha mineral property to Anglo American Platinum Corporation (Anglo Platinum) for ZAR1.7 billion ( US$171 million), with the western section of Ga-Phasha being consolidated into the broader Bokoni mine lease area, where open cast mining operations on the Merensky reef have commenced.
- To approve the issue of 125 million new Atlatsa common shares to Anglo Platinum for an aggregate cash subscription consideration of ZAR750 million ( US$76 million) or ZAR6 per share ( US$60 cps).
- For the Company to utilise the proceeds from the asset sale and new share subscription to reduce its historical debt by 75%. The Company will have access to a new debt draw-down facility from Anglo Platinum of up to a maximum aggregate amount of ZAR1.55 billion ( US$156 million) at a weighted average effective interest rate of 2% per annum through to 2020.
Atlatsa Shareholders Approve Restructure Plan
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