Pretoria – Exxaro Resources announced on Thursday the pricing of its upsized offering of 19,108,970 Tronox shares in an underwritten public offering in the United States at a public offering price of USD18.25 per share, for a total net proceeds of approximately USD332 million (approximately ZAR4.81 billion), after deducting underwriting discounts and commissions.
In addition, Exxaro granted the underwriters a 30-day option to purchase up to an additional 2,866,345 Tronox shares (the Option Shares). Settlement is expected to occur on 1 March 2021.
The net proceeds from the Disposal will be used by Exxaro to repay debt, invest in renewable energy projects and to return capital to its shareholders, which it believes is in its shareholders’ best interests.
Tronox is the world’s leading integrated manufacturer of titanium dioxide pigment, globally engaged in the mining, production and marketing of inorganic minerals and chemicals.