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Press Releases
BRISBANE, AUSTRALIA--(Marketwire), 5 September 2008 -- Platina Resources Limited ("Platina" or the "Company") (ASX: PGM) is pleased to announce that at today's Extraordinary General Meeting, shareholders have approved the second tranche of a private placement of approximately 4.7 million shares at an issue price of A$0.55 per share with Panther Palladium LLC ("Panther"). This placement brings Panther's ownership interest in Platina to approximately 19.99% of the shares of the Company. All shares placed with Panther are subject to a voluntary 12 month hold period. The placement pricing of A$0.55 per share represents a premium of 13.8% over August's volume-weighted average price of PGM shares on the ASX. The transaction provides Panther with a significant level of ownership whilst assisting with Platina's funding requirements for the first year of its 2008 field pre-feasibility work in Greenland and elsewhere. Platina's Executive Chairman Mr Robert W. Mosig said the investment by Panther in Platina represented a significant milestone for the Company. "We are now sufficiently funded to accelerate pre-feasibility work at our flagship project Skaergaard, in East Greenland whilst maintaining the pace of our cutting-edge PGM exploration activities both here in Australia and overseas," he said. "Clearly shareholders view this investment as a vote of confidence in Platina's portfolio of assets and our achievements in advancing our projects in Greenland and Australia so far. We expect that Panther's investment will accelerate Platina's growth and development." About Panther Palladium LLC Panther Palladium LLC, which focuses on value-oriented, long-term opportunities in the PGM sector, is a Delaware, U.S. limited liability company controlled by a trust related to the family of US mining investor Dr Thomas Kaplan. Dr Kaplan serves as chairman of privately held Electrum Ltd. and Leor Energy LLC. About Platina Resources Limited The primary business of the Company is the evaluation, acquisition, exploration and development of PGM properties located outside the Bushveld district in South Africa. The Company's principal asset is its 100% owned Skaergaard project, located approximately 450 kilometres west of Iceland, on the East coast of Greenland. Platina has also acquired several other PGM exploration properties in East Greenland. The balance of Platina's other PGM exploration assets are located in Australia. Platina Resources Limited is listed on the Australian Stock Exchange and its common shares trade under the symbol "PGM". After the 19.99% placement to Panther, the Company will have some 58.4 million shares on issue and approximately A$11.0 million in cash on hand. CPM Group acted as financial advisor to Platina on this transaction. Other information relating to Platina is available on the Company's website at http://www.platinaresources.com.au. Forward-Looking Information This release and subsequent oral statements made by and on behalf of the Company may contain forward-looking statements, which reflect management's expectations with respect to the proposed transaction. Wherever possible, words such as "intends", "expects", "scheduled", "estimates", "anticipates", "believes" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify these forward-looking statements. Although the forward-looking statements contained in this release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Platina cannot be certain that actual results will be consistent with these forward-looking statements. A number of factors could cause events and achievements to differ materially from the results expressed or implied in the forward-looking statements. Such factors include, but are not limited to any inability of Panther to purchase common shares as planned, or an inability of Platina to issue common shares from treasury. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause Platina's actual results, events, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although Platina has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this release, and Platina assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law. On behalf of the Board DP Cornish Company Secretary Media Contacts: Platina Resources Limited Mr Robert Mosig Executive Chairman +61 7 5580-9094 Email: Website: http://www.platinaresources.com.au Submitted by Marketwire, Marketwire on Friday, 5 September 2008 at 10:49 AM Category: Business |
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