ASX/RNS Announcement - Minsec to increase stake in Platmin up to 27.2%



    LONDON, Nov. 9 /CNW/ - Mineral Securities Limited ("Minsec") is pleased
to announce that it has entered into an agreement to purchase, in three
tranches, 11,122,049 common shares representing up to 11.5% of the issued and
outstanding shares of Platmin Limited ("Platmin"). After completion of the
acquisition, Minsec will own 26,351,819 shares representing 27.2% of the
issued and outstanding common shares of Platmin.
    Platmin represents a major new entrant in the platinum group metals
sector. Platmin's Pilanesberg project is planned to commence production in
early 2009. Feasibility studies are also underway on two further projects,
M'Phatlele and Grootboom.
    Commenting today, Minsec CEO Keith Liddell said:
    "I am very pleased that, following this acquisition, Minsec will
materially increase its holding in Platmin and continue its participation in
Platmin's growth as it moves to producer status."
    "Importantly, this reflects our confidence that Platmin can achieve the
critical production scale and mine life necessary to consider the construction
of an independent smelter and refinery, giving Platmin a unique advantage over
other platinum project developers."
    Minsec is acquiring the securities for investment purposes and may
acquire further common shares or dispose of its holdings of common shares both
as investment conditions warrant.
    Further details on the agreement to acquire the Platmin shares are
contained in Annexure 1.
    The acquisition is anticipated to be funded by Minsec's current cash
reserves, existing facilities and Minsec has received expressions of interest
from several banks in respect of providing further debt financing to complete
the acquisition.

    About Minsec:

    Minsec is a multi-commodity resources company listed on the ASX and AIM
(ticker: MXX). In addition to its significant share holding in Platmin, Minsec
currently has cornerstone investments in CopperCo Limited (ASX:CUO), Tianshan
Goldfields Limited (ASX/AIM:TGF) and the Lady Loretta zinc project.
    Minsec is chaired by Robert Champion de Crespigny AC (the founder and
Chairman of Normandy Mining Limited until its acquisition by Newmont Mining in
2002) and managed by Keith Liddell (former Managing Director of Aquarius
Platinum Limited and former Executive Chairman of Sally Malay Mining Limited).
Keith Liddell, who has been involved in the platinum industry since 1981, is
also executive deputy chairman of Platmin and Mark Bolton, Minsec's COO, is VP
Corporate Development of Platmin.
    More details are available at www.mineralsecurities.com

    About Platmin:

    Platmin is a TSX and AIM (ticker: PPN) listed PGM exploration and
development company focused on four projects that host PGM Mineral Resources
and Reserves: Pilanesberg, M'Phatlele, Grootboom, and Loskop. All of Platmin's
projects are located in the Bushveld Complex of South Africa which is
estimated to contain approximately 90% of global platinum resources.
    Platmin's objective is to become a substantial mid-tier PGM producer
commencing with Pilanesberg Project. Pilanesberg has commenced development
with M'phatlele and Grootboom projects currently subject to pre-feasibility
and feasibility studies respectively.
    At Pilanesberg, Platmin plans production commencing early 2009 with an
average production rate of 250,000 oz/year 3PGE+Au in concentrate for the
first 11 years and a life of mine of 16 years.
    Total Mineral Reserves and Resources for all of Platmin's projects are
currently as follows; Proven plus Probable Mineral Reserves of 67.43Mt at
2.04g/t 3PGE+Au, for 4.42Moz, Measured plus Indicated Mineral Resources of
131.40Mt at 3.31g/t 3PGE+Au for 13.97Moz, Inferred Mineral Resources of
133.90Mt at 3.63g/t 3PGE+Au for 15.64Moz.
    More details are available at www.platmin.com

    
                                 Annexure 1

                              Acquisition Terms

      1. CDC Group PLC ("CDC"), Minsec Investments (BVI) Limited (the
         "Purchaser"), a wholly owned subsidiary of Minsec, and Minsec, as
         Guarantor, entered into a share purchase agreement on 9 November
         2007.

      2. Pursuant to the terms of the agreement, the Purchaser has agreed to
         acquire from CDC (and CDC has agreed to sell) 11,122,049 shares of
         Platmin at CDN $9.90 per share representing a total consideration of
         approximately CDN$110.1 million. Minsec has agreed to guarantee the
         obligations of the Purchaser under the terms of the agreement. The
         acquisition is to be completed in three stages:


    Tranche  Date of      Number of    % of Platmin  Consideration  Minsec
             Closing      Platmin      Represented                  Ownership
                          Shares to    by Shares to                 % of
                          be Acquired  be Acquired                  Platmin
                                                                    After
                                                                    Close

       1     23 November   1,000,000       1.0       CDN$9,900,000     16.8
             2007
       2     14 December   3,000,000       3.1       CDN$29,700,000    19.9
             2007
       3     11 January    7,122,049       7.4       CDN$70,508,285    27.2
             2008         ----------

    TOTAL                 11,122,049


    2.   Break Fee

         a) Where, during the period from the date of the agreement and
            ending 72 hours before the closing of the third tranche, a bona
            fide offer is made to all holders of outstanding common shares of
            Platmin (pursuant to a take-over bid, a plan of arrangement or
            amalgamation which would require the approval of the holders of
            outstanding common shares of Platmin) as would result in the
            person making the bona fide offer holding at least 50.1 % of the
            outstanding Common Shares, and the Vendor reasonably and in good
            faith determines that the consideration offered pursuant to the
            bona fide offer exceeds CDN$9.90, then the Vendor may elect not
            to sell to the Purchaser, the Platmin shares pursuant to the
            third tranche and, if Vendor exercises its election 72 hours
            before the closing of the second tranche, the second tranche.

         b) If, following the Vendor election not to sell to the Purchaser,
            the bona fide offer is successful and some or all of the Vendor's
            shares of Platmin are taken up as part of the bona fide offer,
            then the Purchaser is entitled to a break fee equivalent to 50%
            of the proceeds received by the Vendor pursuant to the bona fide
            offer in excess of CDN$9.90. Furthermore, if the take-over bid is
            withdrawn or expires (or not all of the Vendor's shares of
            Platmin are taken up pursuant to the bona fide offer), the
            Purchaser shall have the right within 60 days to purchase, at
            CDN$9.90, all of the Platmin shares that were the subject of the
            election and were not accepted pursuant to the bona fide offer.
    





For further information:

For further information: For additional information or for a copy of
Minsec's early warning report, please contact: Mr Keith Liddell, Chief
Executive Officer, +44 207 152 6230, Email: enquiries@mineralsecurities.com;
RBC Capital Markets, Martin Eales, Andrew Smith, +44 207 029 7881

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MINERAL SECURITIES LIMITED

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PLATMIN LIMITED

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