NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE
TORONTO, May 21 /CNW/ - Platmin Limited ("Platmin", TSX/AIM: PPN)
announces today that Platmin and GMP Securities Europe LLP have arranged for
placees to purchase (pnds stlg)39,008,087 (approximately C$69 million) of new
common shares (75,015,552 common shares) on a private placement basis at a
price of 52p (C$0.92) per share. The placing price represents a discount of
5.45% to the aggregated 30 day volume weighted average trading price of the
Platmin common shares on the TSX and AIM as of the close of trading in Toronto
on May 15, 2009.
The proceeds of the private placement will be used for debt restructuring
and for working capital purposes.
Closing of the proposed private placement will take place on May 22,
2009. Admission to trading on AIM of 65,215,552 shares will take place on May
22, 2009 and application for admission to trading of the remaining shares will
be made for admission on May 28, 2009. The TSX has conditionally approved the
issuance of the new common shares, subject to its customary conditions.
Following completion of the private placement Platmin will have
445,018,352 issued and outstanding common shares.
Platmin is an explorer and emerging platinum group metal producer whose
four key projects host mineral resources and reserves: Pilanesberg, Mphahlele,
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 mineral resources.
For further information:
For further information: Keith Liddell, Chairman, +27 12 661 4280; Wayne
Koonin, Chief Financial Officer, +27 12 661 4280; Fiona Owen, Grant Thornton
UK LLP (Nominated Adviser), +44 207 383 5100; Jeremy Wrathall, GMP Europe, +44
207 647 2800; Marion Brower, Russell & Associates, +27 11 880 3924