Current resources at Waterberg stand at 29 million
The pre-feasibility study for the Waterberg Joint Venture project as a potential large scale, fully mechanized, decline accessible mine is in
progress. A resource update for Waterberg is expected in Q1 calendar 2015. Current resources at Waterberg stand at 29 million ounces 4E including the Waterberg Joint Venture (49.9% effective ownership) and Waterberg Extension (87% effective ownership) (100% basis, 287 million tonnes grading 3.15 g/t 4E (0.94g/t Pt, 1.92 g/t Pd, 0.04 g/t Rh, 0.25 g/t Au, 30%, 61%, 1%, 8% respectively.
-- On December 31, 2014, with the strong support of its major shareholders, the Company closed a bought deal financing for gross proceeds of US$113.8 million ($132 million) on the issuance of 214.8 million common shares of the Company, including the partial exercise of an over- allotment by the Agents. Net proceeds were approximately US$106 million ($123 million) after fees, commissions and other costs. The Company estimates institutional ownership of its common shares is now at approximately 90%.
-- On December 9, 2014, the Company announced the termination of a proposed bond offering and entered into a term sheet with Sprott Resource Lending Partnership for an operating loan facility of up to US$40 million. The facility is to be available upon the first sale of concentrate from Project 1 in Q4 of calendar 2015, subject to certain terms and conditions, as well as the execution of a definitive credit agreement by January 30, 2015.