Platinum mining firm Anooraq has announced plans to issue a secondary placement of shares in an effort to raise new funds.

Mineweb reports that the Toronto-listed company is aiming to raise as much as C$226 million (R1.5 billion) that would largely be used by the company to help pay off the R3.6 billion it owes Anglo Platinum following the purchase of Lebowa Platinum.

Anooraq's black economic empowerment partner is set to sell as many as 41.75 million of the company's shares in an effort to raise the money.

The platinum mining company is eager to complete the Lebowa deal with Anglo Platinum because it will more than double Anooraq's current platinum group metal (pgm) reserves from its current levels of around 50 million ounces to over 110 million ounces.

The move would transform Anooraq's position in the platinum mining sector by giving it the third largest pgm resource base in South Africa.

Source:

Anooraq in financing mode on SA platinum acquisition, 11/12/07
http://www.mineweb.com/mineweb/view/mineweb/en/page35?oid=41846&sn=Detail

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