FILE PHOTO: Miner works deep underground at Sibanye Gold's Masimthembe shaft in Westonaria

South Africa's Sibanye-Stillwater raises $120 mln from share sale

JOHANNESBURG (Reuters) - South Africa's Sibanye-Stillwater raised $120 million on Wednesday from placing just over 109 million shares via an accelerated bookbuild.

The placement, which was offered to existing and new institutional investors, was at a price of 15.50 rand per share, representing a discount of 2 percent to the average price over the past 30 days on a volume-weighted average basis, Sibanye said.

At 0908 GMT, shares in Sibanye were down 8.06 percent.

"The enhanced balance sheet flexibility provided by this transaction will ensure that the company is appropriately positioned and sufficiently robust to endure any ... socio-economic challenges," Chief Executive Neal Froneman said in a statement.

(Reporting by Nqobile Dludla; Editing by David Holmes)

2019-04-10 09:39:05

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