Eastern Platinum in bid to raise £185.1m for South African mine

MINER?Eastern Platinum is raising about £185.1m to fund exploration in South Africa, hitting its shares.

Vancouver-based Eastern is planning to sell 195m shares at C$1.55 (96p) each to fund the first part of its Eastern Limb platinum project in the Bushveld complex, the source of about 70 per cent of global platinum metal supplies.

The company has also granted an over-allotment option of up to 15 per cent of the shares sold in the offering. Shares in the group fell 10.25p to 97p.

Canaccord Genuity Corp and UBS Securities Canada are leading underwriters including GMP Securities, Goldman Sachs Canada, Raymond James Ltd and Paradigm Capital.

The offering is expected to close on or about 8 December.