| Tue 30 Nov 2010, 15:32 | | PLN - Platmin Limited - Platmin announces successful placing of US$90 million |
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PLN
PLN
PLN - Platmin Limited - Platmin announces successful placing of US$90 million
worth of new shares
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 Limited
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 Euro240 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
Sponsor and Investment Bank: Investec Bank Limited
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.
Date: 30/11/2010 15:32:17 Produced by the JSE SENS Department.
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indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
