Platmin Completes Issuance of 56,176,470 Shares Under Second Tranche of Equity Financing



    TORONTO, Feb. 18 /CNW/ - Platmin Limited (the "Company" or "Platmin",
TSX/AIM: PPN) announced today that it has completed part of the second tranche
of its equity financing announced on 9 December 2008 ("Second Tranche").
Pursuant to an amendment (the "Amendment") to the investors and subscription
agreement governing this equity financing (the "Agreement"), 56,176,470 of the
common shares to be issued under the Second Tranche were issued today to
Pallinghurst Investment Consortium (Proprietary) Limited ("PIC"), a company
held as to 84.9% by Ivy Lane Capital Limited ("Ivy Lane") and 15.1% by
Investec Bank Limited ("Investec"), for an aggregate purchase price of
ZAR381,999,996 and a per share price of ZAR6.8 (C$0.85 based on the exchange
rate on December 8, 2008) ("Second Tranche A"). The balance of the common
shares to be issued under the Second Tranche, being 17,352,941 common shares,
will be issued to PIC on or before February 25, 2009, for an aggregate
purchase price of ZAR118,000,004 at the same per share price as above ("Second
Tranche B").
    Under the Agreement, the Second Tranche shares were to be issued to
Bakgatla Pallinghurst JV (Proprietary) Limited ("BPJV", a company jointly
owned by PIC and the Bakgatla-Ba-Kgafela Tribe ("Bakgatla") as to 49.9% and
50.1% respectively) if certain conditions were met on or before March 20,
2009. If such conditions were not met, assignees of Ivy Lane would subscribe
for such shares in place of BPJV by March 31, 2009. Because it is not expected
that such conditions will be met by March 20, 2009, the Amendment provides
that BPJV will not purchase the Second Tranche shares, and that PIC, a further
assignee, would purchase such shares in its place. The gross proceeds raised
in aggregate by the Second Tranche will be ZAR500 million (approximately US$50
million), which will be used to finance the completion of the Pilanesberg
Platinum Project.

    Other Information

    Platmin has 352,649,859 issued and outstanding common shares following
the Second Tranche A issue today and will have 370,002,800 following the
completion of the Second Tranche B on or before February 25, 2009. These
shares will rank pari passu with all existing common shares. Application has
been made for admission to the AIM of the 73,529,411 Second Tranche shares,
and dealings are expected to commence on the AIM on February 24, 2009 with
respect to the 56,176,470 Second Tranche A shares issued today. Following the
Second Tranche B issue, PIC, together with Pallinghurst Investor Consortium
(Lux) S.A.R.L. ("Lux") and Investec (collectively, "Pallinghurst") will hold
common shares representing 69.8% of the issued and outstanding common shares.
A news release will be issued upon completion of Second Tranche B.
    Pursuant to the completion of the First and Second Tranche and the
transfer of the Second Tranche shares to the Bakgatla, Pallinghurst, the
Bakgatla and BPJV will hold, directly and indirectly, 258,418,038 common
shares representing 69.8% of the outstanding common shares assuming no further
share issuances.

    About Platmin

    Platmin is an emerging PGM producer focused on bringing its flagship,
open-pit Pilanesberg Platinum Project into production in March 2009. In
addition to the Pilanesberg Platinum Project, Platmin holds interests in the
Mphahlele, Grootboom and Loskop projects which offer long-term growth
potential. All of Platmin's projects are located in the Bushveld Complex of
South Africa, which is estimated to contain approximately 90% of global
platinum mineral resources.

    This news release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any securities in the United States or any
other jurisdiction. The common shares issued have not been and will not be
registered under the U.S. Securities Act of 1933 and state securities laws.
Accordingly, the common shares may not be offered or sold in the United States
except pursuant to applicable exemptions from registration.

    About Pallinghurst

    Pallinghurst is a global natural resources investment consortium formed
specifically for the purposes of pursuing value enhancing investment
opportunities within the platinum group metal ("PGM") sector. During 2007,
Pallinghurst (Cayman) GP L.P. entered into an agreement with American Metals &
Coal International, NGP Midstream & Resources, Southern Prospecting Limited
(as investors in Pallinghurst) and the Investec Group to utilize their common
strategic mindset, strong financial ability and a distinguished track record
in order to establish an alliance with unique credentials and execution skill
in the PGM sector in pursuit of the investment scope. The parties will utilize
their complimentary skill-sets and in-depth industry knowledge to transform
and add value to each of the assets invested in. Pallinghurst is chaired by
Mr. Brian Gilbertson. Mr. Gilbertson has been closely associated with the
creation of the largest resources company in the world, BHP Billiton, and the
largest aluminium business, United Company RUSAL. Mr. Gilbertson and the
Pallinghurst management team provide a wealth of strategic and operational
resources experience, including in PGMs through Rustenburg Platinum Mines
Limited, Impala Platinum Holdings Limited and Incwala Resources (Proprietary)
Limited.
    PIC is relying on information contained in this news release and the news
release dated December 9, 2008 to meet the requirements under applicable
Canadian securities legislation with respect to the Second Tranche shares. The
Second Tranche shares will be issued pursuant to a private placement in
reliance upon section 2.3 of National Instrument 45-106 - Prospectus and
Registration Exemptions. PIC owns 56,176,470 common shares (73,529,411
following the completion of Second Tranche B), representing 15.9% of the
issued and outstanding shares (19.9% following the completion of Second
Tranche B).

    For further information, including to receive a copy of the early warning
report, please use the contact information provided below.

    %SEDAR: 00023797E




For further information:

For further information: Platmin: Ian Watson, Chief Executive Officer,
+27 12 661 4280; Terry Holohan, Chief Operating Officer, +27 12 661 4280;
Fiona Owen, Grant Thornton UK LLP (Nominated Adviser), +44 20 7383 5100;
Charmane Russell, Russell & Associates, +27 11 880 3924, +27 82 372 5816; PIC:
100 Grayston Drive, Sandton 2196, South Africa, Contact person: George Nakos,
Email: gnakos@investec.co.za, Tel: +27 11 286 7311

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PLATMIN LIMITED

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