Platmin Limited Completes Placing of US$90 Million of New Shares
21.12.2010 | CNW
TORONTO, Dec. 21 - 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 €265 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. www.platmin.com
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