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Harmony Gold to raise up to US$100M from share sale

Harmony Gold Mining Co. Ltd. plans to sell new shares in the company to qualifying investors to raise up to 1.26 billion South African rand through an accelerated book-build.

The company will use the proceeds to partially repay a US$150 million bridge loan raised for the Moab Khotsong gold mine acquisition, with the remaining loan to be repaid from internal operating cash flows, existing cash resources and existing undrawn debt facilities.

The size of the new share placement represents around 15% of the company's share capital as of market close June 5, Harmony said in a same-day release.

The book will open with immediate effect, and the price of the placing shares will be determined at the close of the bookbuild. J.P. Morgan Securities PLC and UBS AG are acting as joint global coordinators and joint book runners.