Platinum Group Metals (PGMs) and chrome mining company Tharisa has received applications from investors to subscribe for notes totalling $31.8 million - exceeding the minimum requirement of $25 million.

Proceeds will be used to partially fund the Karo Platinum Project, a low-cost open pit PGM project under development located on the Great Dyke in Zimbabwe

“As such, applications have been granted in full and the notes will be issued to applicants in terms of the timetable where the subscription proceeds have been received, or on receipt of the subscription proceeds where the funds are still to flow,” it said.

The issued notes will be listed on the Victoria Falls Stock Exchange on 16 December 2022.

Tharisa’s Karo Mining subsidiary previously launched a fixed-income note offer to raise $50 million.