| Tue 21 Dec 2010, 16:45 | | PLN - Platmin Completes Placing of US$90 Million of New Shares |
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PLN
PLN
PLN - Platmin Completes Placing of US$90 Million 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 Completes Placing of US$90 Million of New Shares
December 21, 2010: Toronto: Platmin Limited ("Platmin" or "the Company";
TSX/AIM: PPN; JSE: PLN) today announces that it has completed its previously
announced 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.
A total of 83,846,154 common shares were indirectly placed with Dutch
pension manager, Algemene Pensioen Groep N.V. ("APG"). Following completion
of the placing, APG will hold, indirectly, 124,998,417 common shares
representing approximately 16.7% of the then outstanding common shares. APG
provides for the collective pension schemes for participants from the
education sector, the government (civil servants), the construction sector,
the cleaning/window-cleaning sector, housing corporations and
energy/utilities companies, amongst others. APG manages around Euro265
billion in pension capital for these sectors (as at 30 September 2010). APG
works for more than 20,000 employers, provides for the income of more than
4.4 million participants, and manages over 30% of all collective pensions in
the Netherlands.
The net proceeds of the placing will be used for general corporate purposes
and for future growth opportunities.
Application has been made to the London Stock Exchange for the 98,901,099
new common shares to be issued which will rank pari passu with existing
shares of the Company. This admission is expected to become effective and
dealings to commence in the shares on 29 December 2010. In accordance with
Disclosure and Transparency Rule 5.6.1, following admission of the new
shares, the total number of voting rights in Platmin will be 749,680,768.
The above figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, Platmin under the FSA`s
Disclosure and Transparency Rules.
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.
Sponsor and Investment Bank: Investec Bank Limited
For further information:
Charmane Russell
Russell & Associates
+27 11 880 3924
+27 82372 5816
Date: 21/12/2010 16:45:01 Produced by the JSE SENS Department.
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