TORONTO, Feb. 25 /CNW/ - Platmin Limited (the "Company" or "Platmin",
TSX/AIM: PPN) announces that, further to its previously announced Second
Tranche A issuance on 18 February 2009, the Company has completed the
remainder ("Second Tranche B") of the Second Tranche of its equity financing,
as first announced on 9 December 2008 ("Second Tranche").
The 17,352,941 common shares, in respect of Second Tranche B, were issued
today to Pallinghurst Investment Consortium (Proprietary) Limited ("PIC") for
a price of ZAR6.8 per share (C$0.85 based on the exchange rate on December 8,
2008) and a total consideration of ZAR118,000,004.
Application has been made for admission to trading on AIM of the
17,352,941 Second Tranche B shares and dealings are expected to commence on
AIM on 26 February 2009. Subsequent to the issue of these common shares, the
Company will have a total of 370,002,800 issued and outstanding common shares.
Further to the issue of shares above, PIC, together with Pallinghurst
Investor Consortium (Lux) S.A.R.L. and Investec Bank Limited (collectively,
"Pallinghurst") hold, directly and indirectly, 258,416,038 common shares of
the Company, representing 69.8% of the issued and outstanding common shares.
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.
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.
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;
Grant Thornton, UK LLP (Nominated Adviser), Fiona Owen, +44 20 7383 5100;
Russell & Associates, Charmane Russell, +27 11 880 3924/+27 82 372 5816; PIC,
George Nakos, +27 11 286 7311, 100 Grayston Drive, Sandton 2196, South Africa,