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Platina Resources strengthens working capital with $904,000 placement

Published: 12:18 16 Jun 2020 AEST

Platina Resources Ltd - Platina Resources strengthens working capital with $904,000 placement
Commitments have been received from existing and new shareholders

Platina Resources Limited (ASX:PGM) has strengthened its working capital position to continue delivering its corporate objectives after completing a placement to existing and new shareholders to raise $904,000

Commitments have been received for the non-brokered private placement at 2.1 cents per share.

Funds to advance portfolio

Platina managing director Corey Nolan said funds raised would be applied to advancing Platina’s portfolio of assets including the new Challa Gold Project and Munni Munni Platinum Group Elements (PGE) Project in Western Australia and for general working capital.

He said: "Platina is also planning to expand its portfolio of gold projects and is reviewing a number of new opportunities in Australia.

"Platina remains committed to creating value from its other assets including the Platina Scandium Project in NSW and the Skaergaard Project in Greenland.

"Platina is currently finalising the $A8.3 million sale of Skaergaard to Canada’s Eastern Zinc Corp (CNSX:EZNC).”

Placement details

There will be more than 43 million shares issued under the company’s existing placement capacity under Listing Rule 7.1A and Listing Rule 7.1.

The placement is scheduled to close on or around June 19, 2020, and the company has agreed to pay a 6% selling fee only on applications from new shareholders.

Shares are trading at 2.4 cents and are up from 1.1 cents at the close on March 24.

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