Johannesburg — INTERNATIONAL investment group Global PS, chaired by exiled former Thai land prime minister Thaksin Shinawatra, has announced a mining deal in SA.

According to Forbes Magazine, the billionaire businessman, who was deposed as prime minister in a military coup after serving between 2001 and 2006, is Thailand's 23rd-richest person, with a net worth of 390m.

Mr Shinawatra claims to have visited former president Nelson Mandela last month, and has been seeking mining deals in Africa.

Global PS will invest in mineral group Miranda, the company said on Friday. Miranda, which has interests in KwaZulu-Natal, said it intended to raise capital by issuing shares for cash and through a clawback offer.

Mr Shinawatra said he had identified Miranda as a preferred investment vehicle through which to establish meaningful exposure to exploration and near-production mining assets in SA and southern Africa.

"Miranda's pipeline of projects, (its) current emphasis on coal, which is a commodity in high demand internationally, as well as its diversified mineral portfolio, were all aspects that excited Global PS," he said.

The deal will be a two-stage capital-raising programme, in terms of which Miranda will secure a minimum amount of R98,3m in equity funding for the development of the group's portfolio of mining, development and exploration assets.

In terms of stage one of the capital-raising plan, the cash issue, Global PS will gain 37110074 new ordinary shares in Miranda at a cash issue price of 62,62c a share. In stage two, the clawback offer, Global PS will provide a minimum of R75,1m.