/NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES
TORONTO, May 29 /CNW/ - Platmin Limited ("Platmin" or "the Company";
TSX/AIM: PPN) is pleased to announce that it has entered into an agreement
with the Standard Bank of South Africa Limited ("Standard Bank") to extend its
existing ZAR350 million (USD 43.75 million at present exchange rates of ZAR
8.00: USD 1.00) bridge loan facility. The bridge loan facility was due to be
repaid on May 31, 2009. Under the terms of the amendment agreed with Standard
Bank, the bridge loan facility will be extended until August 31, 2009 or such
earlier date by which time it is converted into a term loan facility. Under
the extension, Platmin has provided cash collateral of up to ZAR400 million as
security. No fee will be payable by Platmin to extend the bridge loan
facility. Interest charged on the facility will match the interest rate
payable on the funds held on deposit (based on JIBAR, approximately 7.40%).
The funding differential rate of 0.40% (total rate of 7.80%) will be charged
by the bank and this will be the true cost to the Company.
Default on the bridge loan can only be called by the bank in accordance
with the original bridge loan facility agreement. All other terms and
conditions of the loan and subsequent addendums remain in place.
Over the next three months and by no later than August 31, 2009, the
Company will engage with the banks to establish and finalize a long term loan
facility to replace the bridge loan facility.
Platmin is an explorer and emerging PGM producer whose four key projects
host mineral resources and reserves: Pilanesberg, Mphahlele, Grootboom and
Loskop. The Pilanesberg Project is presently in the 'ramp up' phase and is
expected to meet the design production rates during 2009. The despatch of PGM
concentrates to the custom smelter commenced in April 2009. 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.
For additional information on Platmin visit www.platmin.com.
FORWARD-LOOKING INFORMATION, FUTURE ORIENTED FINANCIAL INFORMATION AND
Certain statements contained in this market release constitute
forward-looking information, future oriented financial information, and
financial outlooks (collectively "forward-looking information") within the
meaning of Canadian securities laws. Forward-looking information may relate to
the matters discussed in this market release and other matters identified in
Platmin's public filings, Platmin's future outlook and anticipated events or
results and, in some cases, can be identified by terminology such as "may",
"will", "should", "expect", "plan", "anticipate", "believe", "intend",
"estimate", "predict", "potential", "continue" or other similar expressions
concerning matters that are not historical facts. Actual results may vary from
such forward-looking information for a variety of reasons, including those set
Forward-looking statements in this Market Release include negotiation of
a term loan facility, the success of which is based on a number of material
factors and assumptions, including, credit market conditions and that
contractual negotiations will be completely successful and progressed and/or
completed in a timely manner. There can be no assurance that Platmin's actual
results will match the forward-looking information. While Platmin considers
these assumptions to be reasonably based on information currently available to
it, they may ultimately prove to be incorrect.
For further information:
For further information: Ian Watson, Chief Executive Officer, +27 12 661
4280; Wayne Koonin, Chief Financial Officer, +27 12 661 4280; Terry Holohan,
Chief Operating Officer, +27 12 661 4280; Fiona Owen, Grant Thornton UK LLP
(Nominated Adviser), +44 207 383 5100; Marion Brower, Russell & Associates,
+27 11 880 3924