Accordingly the Placing, Subscription and Open Offer will complete on Admission of the New Ordinary Shares which is expected to occur on  May 2014, together with the issue of Warrants to Pacific Road and RCF VI to subscribe for, in aggregate, 487,864,372 new Ordinary Shares at a price of 3.75 pence per new Ordinary Share.
Draw down of the Mezzanine Facility and the Absa Debt Facility are subject to the satisfaction of conditions precedent that are standard for facilities of this type. The Company currently anticipates that the majority of the proceeds from the Placing and the Subscription will be utilised prior to the drawdown of the ABSA Debt Facility and the Mezzanine Facility.
The ABSA debt facility of US$82.4 is covered by the Export Credit Insurance Corporation Soc Ltd (ECIC) which encompasses a 100% political risk and 85 % commercial risk coverage. The financial credit is over a tenor of six years at LIBOR plus 1.8% margin per annum. ECIC is the South African government official Export Credit Agency.
The total cost for the Absa Debt Facility is expected to be approximately 8.3 per cent. per annum, which includes all finance and insurance related charges and costs.
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