Mvelaphanda Resources Completes US$298M Offering

On March 15, 2004, Mvelaphanda Resources Ltd., completed its US$298 million (1,968 million South African Rand) domestic and international secondary offering. The net proceeds of the offering were used to fund the equity component of the consideration paid in the acquisition of a 15 per cent beneficial interest in the South African gold mining assets of Gold Fields Ltd. Mvelaphanda Resources is a black economic empowerment company in South Africa and is listed on the Johannesburg Stock Exchange.

The offering was underwritten by RBC Capital Markets, Rand Merchant Bank and JP Morgan, as joint lead managers, with RBC Capital Markets leading the international offering.
Mvelaphanda Resources was represented by Werksmans Inc., with a team led by Carl Stein, and including Lance Fleiser and Angela Simpson.

In respect of the international offering, the joint lead managers were represented by Stikeman Elliott, with a team led by Derek Linfield, and including Sherry Roth and Erin Needra; and by South African counsel Webber Wentzel Bowens, with a team led by Brigette Baillie, and including Deseré Jordaan.