| Thu 3 Sep 2009, 8:00 | | PLN - Platmin Limited - Platmin closes out bridging loan facility |
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PLN
PLN
PLN - Platmin Limited - Platmin closes out bridging loan facility
Platmin Limited
Incorporated in the accordance with the laws of Canada
Registration number: 610178-0
Share code on TSX: PPN
Share code on AIM: PPN
Share code on JSE: PLN
ISIN: CA72765Y1097
PLATMIN CLOSES OUT BRIDGING LOAN FACILITY
NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE
SERVICES
TORONTO: Platmin Limited ("Platmin", TSX/AIM: PPN, JSE: PLN) is pleased to
announce that it has paid out and closed its bridge loan facility with The
Standard Bank of South Africa Limited ("Standard Bank"). The bridge facility had
an outstanding amount of ZAR404 million. The bridge loan facility was repaid in
full from the cash collateral of the equivalent amount held on deposit with
Standard Bank as security against the outstanding loan balance. Platmin is
currently completing the definitive documentation with Investec Bank Limited
(South Africa) for a twelve month renewable revolving commodity finance facility
of up to ZAR400 million (USD 51.0 million at an exchange rate of ZAR7.85:
USD1.00) for working capital purposes ("the Facility") as announced previously
on 3 August 2009. Platmin expects the Facility to be formally established by 30
September, 2009.
About Platmin
Platmin is a mineral exploration, development and operating company engaged in
the exploration for, and development of, Platinum Group Element ("PGE") deposits
in South Africa. The Company has developed the Pilanesberg Project into the
Pilanesberg Platinum Mine and is exploring for PGE`s on its other three key
projects: Mphahlele, Grootboom and Loskop. Platmin`s goal is to become a
significant producer of PGEs through the development and operation of several
mines on its key projects. The Pilanesberg Platinum Mine is presently in the
`ramp up` phase and is expected to meet the design production rates during 2009.
The despatch of PGM concentrates for processing 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 resources.
For further information
Keith Liddell, Chairman
+27 12 661 4280
Wayne Koonin, Chief Financial Officer
+27 12 661 4280
Grant Thornton UK LLP (Nominated Adviser)
Fiona Owen
+44 20 7383 5100
Russell & Associates
Marion Brower
+27 11 880 3924 / +27 82 372 5816
Sponsor: Investec Bank Limited
September 03, 2009
Johannesburg
Sponsor : Investec Bank Limited
Date: 03/09/2009 08:00:28 Produced by the JSE SENS Department.
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