Company announcements Home » Investors » News » Company announcements » Harmony continues to strengthen its balance sheet 2008 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 Harmony continues to strengthen its balance sheetDecember 22, 2008Johannesburg, 22 December 2008. Harmony Gold Mining Company Limited (“Harmony”) is pleased to announce that despite international financial turmoil, it continues to strengthen its balance sheet. Raising funds Harmony has completed a capital raising by issuing shares for cash in the open market pursuant to its mandate given by shareholders at the Annual General Meeting. In the capital raising 10 504 795 shares have been placed between 25 November 2008 and 19 December 2008, at an average subscription price of R93.20, raising R979 million before costs. The average issue price compares favourable with the weighted average share price on the JSE over the same period of R92.79 per share. The number of shares issued is equivalent to 2.6% of Harmony’s issued share capital of 403 424 148 shares as at 30 September 2008. The cost of the placement was approximately R15 million, or 1.5% of the value of shares issued. In line with Harmony’s stated intention to have zero net debt by June 2009, the proceeds will primarily be used to reduce debt levels. Nedbank loan Harmony has repaid R1,25 bn of the R2bn Nedbank debt which was repayable by December 2008. The Nedbank loan facility of R750 million is now repayable by December 2009. Capital projects Harmony recognises that its pipeline of projects is the future of the company and regularly reviews its cash flow to ensure that it supports the continuation of its projects. During a recent review Harmony reaffirmed its commitment to its capital expenditure plans. For more details contact: Frank AbbottInterim Financial Director+27 (0)82 800 4290 Graham BriggsChief Executive Officer+27 (0)83 265 0274 Marian van der WaltExecutive: Corporate & Investor Relations+27 (0)82 888 1242