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Platina Resources raises $946,060 in placement to professional and sophisticated investors

A 13-hole drilling reverse circulation drilling program was started at the Munni Munni JV Project in the Pilbara region of Western Australia last week.

Platina Resources Ltd - Platina Resources completes raising of $946,060 to professional and sophisticated investors
Munni Munni is a joint venture between Artemis as the operator and Platina Resources which holds 30%

Platina Resources Ltd (ASX:PGM) has confirmed the allotment of more than 45 million at 2.1 cents per share to sophisticated and professional investors in a placement which raised $946,060.

Funds raised will help advance the company’s portfolio including the new Challa Gold Project and Munni Munni Planum Group Metals Project in Western Australia as well as for general working capital.

Participants comprise existing and new shareholders and the directors thank existing shareholders for their continued support and welcome the new shareholders.

Platina also plans to expand its portfolio of gold projects and is reviewing several new opportunities in Australia.

Leveraged to drilling by JV partner

Platina is keeping a close eye on the drilling progress of joint venture partner Artemis Resources Ltd (ASX:ARV) at the Munni Munni Platinum Group Elements (PGE) Project near Karratha in Western Australia.

Platina holds a 30% interest in Munni Munni, while Artemis, the operator, has the remaining 70%.

The start of drilling by Artemis comes as Platina continues to assess the PGE project's potential against a backdrop of strong prices for palladium, gold and rhodium in 2020.

Palladium hit a record high of US$2,875 per ounce in February and is now trading at US$1,931 per ounce while gold and rhodium prices also performed strongly in 2020, up 29% and 153%, respectively.

Quick facts: Platina Resources Ltd

Price: 0.052 AUD

ASX:PGM
Market: ASX
Market Cap: $19.31 m
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