AngloGold Ashanti Ltd., Africa's largest producer of the metal, plans to sell about 7.8 million new shares to fund the acquisition of an indirect 50 % stake in Moto Goldmines Ltd.
AngloGold and Randgold Resources Ltd. said on July 16 that they have offered $488 million in cash and stock for Moto to access gold reserves in the Democratic Republic of Congo.
UBS Investment Bank is acting as sole book runner for the offering, AngloGold said in a statement to Johannesburg's stock exchange on Tuesday.
AngloGold fell 5.70 rand, or 1.9 percent, to 298.05 rand in Johannesburg trading on Monday, valuing the company at 105.6 billion rand ($13.6 billion).
The stock has gained 18 percent so far this year.
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