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Tharisa’s Karo unit to raise $50 million via bond private placement
By Marisa Wong
Los Angeles, Oct. 28 – Tharisa subsidiary Karo Mining Holdings plc has opened a fixed-income note offering to raise $50 million, according to a press release.
The minimum amount to be raised from the private placement is $25 million. If applications for less than this amount are received, the bond issue will not proceed.
The notes will be guaranteed by Tharisa.
Proceeds will be used to help fund the Karo platinum project in Zimbabwe.
Tharisa is a 70% shareholder in Karo Mining, which in turn indirectly owns 85% of the Karo platinum project, with the government of Zimbabwe holding the remaining 15% of the project, on a free carry basis.
Participation will be by way of private placement and is not restricted to Zimbabwean financial institutions or residents, the company noted.
Arxo Finance plc, a wholly owned subsidiary of Tharisa, has committed to subscribe for $10 million of the notes.
Tharisa is a platinum group metals and chrome co-producer with headquarters in Cyprus.
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