Jan 21st 2013 - Edison Investment Research today published a report on Pan African Resources (PAF.L, LSE:PAF, LON:PAF) entitled "Oversubscribed And Some". In summary, the report says:
The completion of its ZAR703m, 25.5 per 100 rights issue at 14p per share effectively completes the financing requirements for Pan African’s acquisition of Evander Gold Mines from Harmony later this year. As such, it removes financing risk from the transaction, rending a successful outcome more likely and increasing confidence in Edison’s updated valuation for PAF of 29.83p/share (at a long-term price of US$1,676/oz Au).
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