Capital Raising Plans for Funding New Project
The SPP provides an opportunity for shareholders to apply for parcels of new shares in the Company valued between $500 and $15,000. Registered holders of fully paid ordinary shares as at 5.00pm (EST) on 28 August 2019 (Record Date) with a registered address in Australia or New Zealand will be eligible to participate in the Offer.
The issue price will be determined at the issue date of new shares under the SPP based on a 20% discount to the volume weighted average price of Company shares traded on the ASX during the five trading days immediately prior to the issue date of the new shares on which sales in Company shares were recorded, rounded up to the nearest 0.1 cent (Issue Price).
Subject to finalisation and execution of legal documentation, Patersons Securities will underwrite the SPP offer to the amount of $1.25 million, subject to standard underwriting terms and conditions, and act as the lead manager.
Additionally, the Company proposes to raise an additional circa $1.25 million through a Top-Up Placement to further strengthen its balance sheet by way of a placement of shares. The Issue Price for shares under the Top-Up Placement will be the same as under the SPP.
Funds raised under the Offer will be used to advance the Company's project portfolio and cover other costs, including:
- Completing the Blue Moon transaction, and funding the planned exploration and drilling activities for the Blue Moon zinc project;
- The ongoing scandium market development and permitting activities for the Platina Scandium Project;
Exploration costs for the Skaergaard gold and platinum group metal project in Greenland;
Maintenance and holding costs for the Munni Munni (30% interest);
- Provide general working capital; and
- Corporate and Offer costs.
Further details of the company's current activities are set out in the announcements made to ASX and are available from ASX, or our website at www.platinaresources.com.au.
Details of how to participate in the Offer will be set out in the terms and conditions of the Share Purchase Plan, which will be issued to eligible shareholders shortly.
An eligible shareholder that does not wish to participate in the SPP is not required to do anything and may disregard the offer documents. In this event, the number of shares held by that eligible shareholder will not change but the percentage of their shareholding in the Company will be diluted.
To view the Blue Moon Presentation, please visit:
About Platina Resources Limited
Platina Resources Limited (ASX:PGM) (OTCMKTS:PTNUF) is an Australian-based company focused on returning shareholder value by advancing early-stage metals projects through exploration, feasibility, permitting and into development.
The Company has interests in the following projects:
- Platina Scandium Project (100% interest) - located in central New South Wales, the project is one of the largest and highest-grade scandium deposits in the world, which has the potential to become Australia's first scandium producer with cobalt and nickel credits. A Definitive Feasibility Study was completed in late 2018 demonstrating the technical and economic viability of constructing the project. The Company is now focused on completing the permitting and securing offtake and financing.
- Skaergaard (100% interest) - One of the world's largest undeveloped gold deposits and one of the largest palladium resources outside of South Africa and Russia, located in Greenland;
- Munni Munni (30% interest) - Situated in the Pilbara region of Western Australia, the project is one of Australia's most significant Platinum Group Metal occurrences. Munni Munni also has potential for conglomerate hosted gold and is a Joint Venture with Artemis Resources Limited; and
- Blue Moon (to earn a 70% interest) - Located in California, U.S.A, the project is subject to a Nl 43-101 Mineral Resource estimate. The resource is open at depth and along strike and has favourable metallurgy.
For more information please see: https://www.platinaresources.com.au
Platina Resources Limited