Southern African Resources PLC
12 September 2003
Southern African Resources Plc: SFU / Index: AIM / Sector: Exploration
12 September 2003
SOUTHERN AFRICAN RESOURCES RAISES £400,000
THROUGH PRIVATE PLACING
Southern African Resources Plc ('the Company'), the AIM listed mineral
exploration company has raised £400,000 through a private placing of 10,000,000
new ordinary 0.1 pence shares at a price of 4 pence per share. The placing was
taken up in full by a Bermudan based company representing the interests of the
family of Thomas Kaplan. The holding represents 6.1% of the issued share capital
of the Company. In addition and conditional on the placing, the Bermuda company
is also being issued with three tranches of 25 million warrants exercisable at 4
pence, 5 pence and 6 pence respectively.
The funds raised will be used for working capital and for the development of
Southern African Resources' 4600-hectare Leeuwkop 402JQ property in the western
limb of the Bushveld complex. The company is currently effecting a drilling
program to upgrade its in situ inferred Platinum Group Metal (PGM) Resource of
56,206,756 oz to the measured category.
Phil Edmonds Chairman of Southern African Resources Plc said: 'We are very
pleased to welcome the Thomas Kaplan family interests as investors in Southern
African Resources. This placing follows the recent £1 million institutional
placing conducted by Canaccord Capital and further endorses the Company's
growing reputation amongst investors in the mining sector.'
Application for the shares to be traded on AIM has been made, with trading
expected to start on 18 September 2003.
Issued on behalf of Southern African Resources Plc by St Brides Media & Finance
Ltd, 46 Bedford Row, London WC1R 4LR.
Phil Edmonds Southern African Resources Plc Tel: 020 7224 2522
Hugo de Salis St Brides Media & Finance Ltd Tel: 020 7242 4477
This information is provided by RNS
The company news service from the London Stock Exchange