Non-Renounceable Rights Issue - Prospectus
Sydney, Feb 10, 2014 AEST (ABN Newswire) - Platina Resources Limited (
ASX:PGM) (PTNUF:OTCMKTS) is pleased to announce that it has today lodged with ASIC the Prospectus (Prospectus) for a non-renounceable rights issue to eligible shareholders, on the basis of 1 new option to subscribe for fully paid ordinary share for every 1 share held, at an issue price of $0.01 per option and exercisable on or before 30 September 2015 at $0.06 (New Options), to raise approximately $1.32 million, based on Platina’s undiluted share capital (Rights Issue). Assuming no existing options on issue in the Company are exercised, approximately 132,607,847 New Options will be offered under the Rights Issue.
A copy of the Prospectus is attached to this announcement.
The Prospectus will be posted on Friday 21 February 2014 to Eligible Shareholders of the Company as at 7pm (AEDT time) Tuesday 18 February 2014 (Record Date).
The Rights Issue will be available to all registered shareholders who hold shares as at the Record Date with registered addresses in Australia, New Zealand, Hong Kong SAR and the Cayman Islands (Eligible Shareholders). Eligible Shareholders will also be entitled to apply for any shortfall in addition to subscribing for their full entitlement to New Options.
In accordance with the ASX Listing Rules, Platina has considered the number of shareholders with registered addresses in various jurisdictions outside of Australia, New Zealand, Hong Kong SAR and the Cayman Islands and the size of the shareholdings held by those shareholders. Taking this into consideration, as well as the costs of complying with the legal requirements and the requirements of the regulatory authorities relating to the shareholders with registered addresses in various jurisdictions outside of Australia, New Zealand, the Hong Kong SAR and the Cayman Islands, the Company has formed the view that it is unreasonable to extend the Rights Issue to those shareholders who do not reside in Australia, New Zealand , the Hong Kong SAR and the Cayman Islands.
The Rights Issue is not underwritten. Major shareholders Electrum Global Holdings L.P. and Cairnglen Investments, plus the Directors and management of Platina, have all confirmed their intentions to subscribe for their full entitlement to New Options, amounting to over 35% of the Offer.
The funds raised from the Rights Issue will be used to:
- provide working capital;
- complete metallurgical testwork followed by feasibility studies at the Owendale platinum and scandium project in central New South Wales;
- fund other exploration activities; and
- fund the costs of the Rights Issue.
We confirm that the timetable for the Rights Issue is set out in the table below:
Date Event/s
10 February 2014 Announcement of Rights Issue
10 February 2014 Submit Appendix 3B to ASX
10 February 2014 Notice of Options Issue sent to Shareholders
12 February 2014 Trading on Ex basis
18 February 2014 Record Date for Rights Issue
21 February 2014 Completion of despatch offer documents to shareholders announced
21 February 2014 Rights Issue Opens
14 March 2014 Rights Issue Closes
17 March 2014 Trading on a deferred settlement basis commences
19 March 2014 Expected date of allotment of New Options under Rights Issue
19 March 2014 Trading on a deferred settlement basis ends
20 March 2014 Quotation of New Options
21 March 2014 Despatch of New Options holding statements
This timetable is indicative only and may be subject to change subject to the requirements of thevCorporations Act 2001 (Cth) (Corporations Act) and the ASX Listing Rules.
Further information
The Rights Issue is being made in accordance with section 713 of the Corporations Act.
Upon completion of the Rights Issue, and assuming it is fully subscribed, the issued capital of Platina will comprise approximately 132,607,847 shares, 132,607,847 listed options exercisable at $0.06 each and having an expiration date of 30 September 2015 and 1,000,000 unlisted options exercisable at $0.10 each and having an expiration date of 26 November 2016.
An Appendix 3B applying for quotation of the New Options was lodged with the ASX on 10 February 2014.
Platina encourages all Eligible Shareholders to participate in the capital raising.
On behalf of the Board
Duncan Cornish
Company Secretary
To view the prospectus, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-PGM-781488.pdf
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
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