TIDMPPN
RNS Number : 0768X
Platmin Limited
30 November 2010
NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES
NEWSWIRE SERVICES
PLATMIN ANNOUNCES SUCCESSFUL PLACING OF US$90 MILLION WORTH OF
NEW SHARES
November 30, 2010: TORONTO: Platmin Limited ("Platmin" or "the
Company"; TSX/AIM: PPN; JSE: PLN) today announces a placing of
98,901,099 new common shares at a price of US$0.91 (CAD$0.93) per
common share for total gross proceeds of US$90 million. Of the
placement, a total of 83 846,154 common shares will be placed with
a subsidiary of Algemene Pensioen Groep N.V. ("APG"). Following
completion of the placing, APG will hold, directly and indirectly,
124,998,417 common shares representing approximately 16.7% of the
then outstanding common shares.
The net proceeds of the placing will be used for general
corporate purposes and for future growth opportunities.
Commenting on the placing and the continued support of APG,
Platmin Chairman Brian Gilbertson, commented: "I welcome APG's
increased commitment, which strengthens its position as a
significant cornerstone investor. Platmin now has a strong register
of blue-chip shareholders, leaving the company well placed to
pursue its strategic ambitions".
The placing price of US$0.91 (CAD$0.93) represents no discount
to the 5 day volume weighted average price of the common shares on
the TSX as of the end of trading on November 26, 2010.
APG is a subsidiary of ABP's subsidiary Stichting Pensioenfonds
ABP ("National Civil Pension Fund", "ABP") the pension fund for
government and education employees in the Netherlands. APG manages
pension assets of approximately EUR240 billion Euros (as at 31
December 2009) on behalf of 20,000 employers and more than four
million participants, making it the largest pension fund in the
Netherlands and among the three largest pension funds in the
world.
Closing of the placing remains subject to certain conditions,
including approval of the Toronto Stock Exchange. On completion of
the placing, Platmin will have 749,680,768 common shares
outstanding.
The placing is a related party transaction under the AIM Rules,
as John Calvert is a director of the Energy & Minerals Group
("EMG") and additionally currently has an indirect interest over
10.6% of the Platmin shares. EMG is subscribing for 7,142,858
common shares at the placing price of US$0.91.
The independent directors of Platmin, having consulted with the
Company's nominated advisor, Investec Bank plc, consider that the
related party transaction is fair and reasonable so far as the
shareholders of Platmin are concerned.
About Platmin
Platmin's primary asset is the Pilanesberg Platinum Mine (PPM),
which is building up to full production. The focus of the company
is on achieving the metal production forecasts predicted in the
Bankable Feasibility Study (BFS) for the mine and participating in
the considerable investment value creation potential of the
consolidation of the western limb of the Bushveld Complex. Platmin
also hold interests in projects on the eastern limb.
For further information:
Charmane Russell Russell & Associates +27 11 880 3924
+27 82372 5816
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This market release contains "forward-looking information" which
may include, but is not limited to, statements with respect to the
future financial and operating performance of Platmin Limited (the
"Company" or "Platmin"), its subsidiaries and affiliated companies,
and its mineral projects, the future price of platinum or other
Platinum Group Elements ("PGEs"), PGE production levels,
development of the Pilanesberg Platinum Mine ("PPM"), mining rates,
the use of proceeds of the placing, the outcome of regulatory
matters, and statements regarding the completion of the placing of
new shares. Often, but not always, forward-looking statements can
be identified by the use of words such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", "targeted" or "believes" or variations
(including negative variations) of such words and phrases, or state
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved. Such
forward-looking statements are based on a number of material
factors and assumptions, including, that regulatory approvals are
received in a timely manner and that contracted parties complete
the terms of their agreements.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Platmin and/or its subsidiaries
and/or its affiliated companies to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Such factors include, among others,
general business, economic, competitive, political and social
uncertainties; the actual results of current exploration and mining
activities; development and operational risks; title risks;
regulatory risks; conclusions of economic evaluations and studies;
fluctuations in the value of the United States dollar relative to
the Canadian dollar or South African rand; changes in project
parameters as plans continue to be refined; future prices of
platinum or other PGEs; possible variations of ore grade or
recovery rates (including the existence of potholes, faults and
other geological conditions that may affect the existence or
recovery of resources and reserves); failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes,
industrial unrest and strikes and other risks of the mining
industry; political instability, insurrection or war; the effect of
HIV/AIDS on labour force availability and turnover; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities as well as those factors
communicated in the section entitled "Risk Factors" of Platmin's
current annual information form ("AIF") and its final short form
prospectus dated May 5, 2010, which can both be viewed at
www.sedar.com. Although Platmin has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are made as of the date
of this market release and Platmin disclaims any obligation to
update any forward-looking statements, whether as a result of new
information, future events or results or otherwise. 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,
readers should not place undue reliance on forward-looking
statements due to the inherent uncertainty therein.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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