Completes Placing of US$90m (3839Y)
December 21 2010 - 9:55AM
UK Regulatory
TIDMPPN
RNS Number : 3839Y
Platmin Limited
21 December 2010
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
EUR265 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.
For further information:
Charmane Russell Russell & Associates +27 11 880 3924
+27 82372 5816
This information is provided by RNS
The company news service from the London Stock Exchange
END
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