FILE PHOTO: Mine workers open the doors to the pithead at the Harmony Gold mine in Carletonville

JOHANNESBURG - Harmony Gold said on Wednesday it had raised gross proceeds of approximately R1.05 billion in the placement of 55 million new ordinary shares with existing and new institutional investors at R19.12 per share.

The shares represent approximately 15 percent of the company's issued ordinary share capital prior to the placing, and the price of the placing represents a discount of 11.7 percent to the closing share price on Tuesday.

The South African gold mining company said it would make an application to the Johannesburg Stock Exchange for the listing of the placing shares, expected to occur June 11.

Harmony company has agreed, subject to certain exclusions, to a lock-up of 90 days from settlement of the placing.

- African News Agency (ANA)