28/05/2009 - 09:35

Platinum Australia raises $61.2m

28/05/2009 - 09:35

Bookmark

Save articles for future reference.

Less than four months after raising over $14 million, Platinum Australia has raised a further $61.2 million to be applied to its Smokey Hills project in South Africa and acquisition opportunities.

Platinum Australia raises $61.2m

Less than four months after raising over $14 million, Platinum Australia has raised a further $61.2 million to be applied to its Smokey Hills project in South Africa and acquisition opportunities.

The raising was through a private placement managed by Bell Potter Securities that saw the issue of 60 million shares at $1.02 each.

Shares in Platinum Australia, which were previously in a trading halt, were down two cents to $1.06.

"We are extremely pleased with the response to the offering, as evidenced by its oversubscription," managing director John Lewins said.

Proceeds from raising will be used to retire the Standard Bank debt related to Smokey Hills, develop existing projects, acquisition of new projects and general working capital.

The raising is subject to shareholder approval for the issue of shares.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options