viewPlatina Resources Ltd

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: 0.051 AUD

Market: ASX
Market Cap: $21.4 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Platina Resources Ltd named herein, including the promotion by the Company of Platina Resources Ltd in any Content on the Site, the Company...


Platina Resources talks revised focus on Australian gold and drill plans for...

Platina Resources Limited's (ASX:PGM) Corey Nolan speaks to Proactive's Andrew Scott following the completion of a major soil sampling program at its wholly-owned Challa Gold Project in Western Australia. He says the project which was acquired back in June this year is part of a strategy to...

on 3/12/20

2 min read