| Mon 19 Apr 2010, 8:25 | | PLN - Platmin Files Preliminary Prospectus in Canada to Raise Up to US$250 |
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PLN
PLN
PLN - Platmin Files Preliminary Prospectus in Canada to Raise Up to US$250
Million in New Equity
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 Files Preliminary Prospectus in Canada to Raise Up to US$250 Million
in New Equity
NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE
SERVICES
16 April, 2010. TORONTO: Platmin Limited ("Platmin" or "the Company"; TSX/AIM:
PPN; JSE: PLN) announced today that it has filed a preliminary short form
prospectus in Canada in connection with a US$250 million marketed offering of
new common shares. In South Africa, the United Kingdom and the United States,
the common shares will be offered on a private placement basis only and are
not being offered to the public generally, and the offering is subject to the
restrictions under applicable securities laws in those jurisdictions noted
elsewhere in this Market Release.
RBC Capital Markets will be acting as sole bookrunner, and together with
Investec Bank Limited, as joint lead managers for the offering.
The net proceeds of the offering will be used by the Company for, among other
items, operational and working capital funding requirements at the Pilanesberg
Platinum Mine, the acquisition of 10% of the Sedibelo platinum project, and
exploration, general and administrative expenses.
Offering Details
The number of common shares to be issued and the offering price will be
determined following a marketing period. On 15 April, 2010, the closing price
of the common shares on the TSX was C$1.29, on AIM was ?0.865 and on the JSE
was ZAR9.95.
Closing of the offering is subject to certain conditions, including regulatory
approval and approval of the Toronto Stock Exchange.
About Platmin
Platmin explores for and develops and operates platinum group metals (PGM)
deposits in South Africa. The company`s principal current focus is the
Pilanesberg Platinum Mine, which is building up to full production. In
addition, it holds platinum interests on the eastern limb of the Bushveld
Complex. Platmin`s long term goal is to become a significant producer of PGMs.
Regulatory Notices
The Canadian preliminary prospectus is still subject to completion or
amendment. Copies of the preliminary prospectus are available electronically
at www.sedar.com. There will not be any sale or any acceptance of an offer to
buy the common shares until a receipt for the (final) prospectus has been
issued by the applicable Canadian securities regulatory authorities.
Copies of the preliminary prospectus may be obtained from RBC Capital Markets,
Attention: Distribution Centre, 277 Front St. W., 5th Floor, Toronto, Ontario
M5H 2X4 (tel: 416-842-5349)
Investec Bank will not be soliciting purchases in Canada or the United States.
In the United Kingdom, common shares may be sold to persons who are "Qualified
investors" within the meaning of Section 86(7) of the U.K. Financial Services
and Markets Act 2000 ("FSMA") and within the categories of persons referred to
in Article 19 (Investment professionals) or Article 49 (high net worth
companies, unincorporated associations, etc.) of FSMA (Financial Promotion)
Order 2005; or persons in the United Kingdom to whom the offering may
otherwise be made or at whom the offering may otherwise be directed in the
United Kingdom without an approved prospectus having been made available to
the public in the United Kingdom. The short form preliminary prospectus is not
a prospectus for the purposes of Section 85(1) of FSMA.
In South Africa, the common shares are not being offered to the public
generally, and only to single addressees acting as principals for a total
acquisition cost of at least ZAR100,000 or to certain eligible institutions.
This offering is not, and under no circumstances is to be construed as, an
advertisement or a public offering in South Africa and it is not, in terms of
section 144 of the South African Companies Act, 1973 (Act 61 of 1973), an
invitation to the public to subscribe for securities.
This news release does not constitute an offer to sell, or the solicitation of
an offer to buy, the securities in any jurisdiction, including the United
States, or to, or for the account or benefit of, U.S. persons absent U.S.
registration or an applicable exemption therefrom, nor shall there be any sale
of the securities in any state in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of any such state. The securities being offered will not be, and have not
been, registered under the United States Securities Act of 1933, as amended,
and may not be offered or sold within the United States or to, or for the
account or benefit of, a U.S. person, absent U.S. registration or an
applicable exemption therefrom.
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, its subsidiaries and its mineral properties,
the future price of platinum or other PGMs, the estimation of mineral
resources and reserves, the realization of mineral resource estimates,
exploration expenditures, timing of the issuance of new common shares, costs
and timing of the development of new deposits, costs and timing of the
development of new mines, timing of economic and scoping-level studies,
forecasts and projections of future production, capital costs and operating
costs, future timing of achieving a steady state of production, future costs
and timing of future exploration, requirements for additional capital,
government regulation of mining operations and exploration operations, timing
and receipt of approvals and licences under mineral legislation, environmental
risks, title disputes or claims and limitations of insurance coverage. 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", 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.
Forward-looking statements in this market release include among others: the
Company`s plans with respect to the future development and operation of the
Pilanesberg Platinum Mine and the future advancement of the Mphahlele,
Grootboom and Loskop projects; projected annualized rates of production from
the Pilanesberg Platinum Mine; the timing and completion of the offering of
new common shares; timing of the receipt of governmental approvals and/or
acceptances; targets, estimates and assumptions in respect of platinum and
other PGMs production and prices; amount and type of future capital
expenditures and capital resources; mineral reserves and mineral resources;
anticipated grades; recovery rates; future financial or operating performance;
costs and timing of the development of new deposits; costs, timing and
location of future drilling; earning of future interests in various permits;
production decisions; costs and timing of construction; operating
expenditures; costs and timing of future exploration; and environmental and
reclamation expenses. 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 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 activities;
conclusions of economic evaluations and studies; currency fluctuations; future
prices of platinum and other metals; possible variations of ore grade or
recovery rates; failure of equipment to operate as anticipated; accidents,
political instability, insurrection or war; delays in obtaining governmental
approvals or financing; liquidity and financing risks related to the global
economic crisis, as well as those factors discussed in the section entitled
"Risk Factors" in the Company`s annual information form filed at
www.sedar.com. Such forward-looking statements are based on a number of
material factors and assumptions, including: that contracted parties provide
goods and/or services on the agreed timeframes; that no unusual geological
(including grade) or technical problems occur; that plant and equipment work
as anticipated, and that there is no material adverse change in the price of
platinum or other PGMs. 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 announcement and Platmin disclaims any
obligation to update any forward-looking statements, whether as a result of
new information, future events or results or otherwise, except as required by
applicable laws. 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.
For further information
Charmane Russell Nicola Taylor
Russell & Associates Russell & Associates
+27 11 880 3924 + 27 11 880 3924
+27 82 372 5816 + 27 82 927 8957
19 April 2010
Investment Bank and Sponsor: Investec Bank Limited
Date: 19/04/2010 08:25:01 Produced by the JSE SENS Department.
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