viewPlatina Resources Ltd

Platina Resources enters final stage of Skaergaard project sale

The Greenland project is being sold to Vancouver-based Major Precious Metals, which is obtaining approval from shareholders and the Canadian Securities Exchange to complete the transaction.

Platina Resources Ltd - Platina Resources enters final stage of Skaergaard project sale
Skaergaard project has large undeveloped gold and palladium resources

Platina Resources Ltd (ASX:PGM) is close to completing the sale of its 100%-owned Skaergaard Project in eastern Greenland to Vancouver-based Major Precious Metals Corp (CNSX:SIZE) for total consideration of around A$22.1 million (C$20.9 million).

The final condition precedent is the approval of the transaction by the Canadian Securities Exchange (CSE) which involves the completion of a NI 43-101 property report and shareholders’ approval.

A site visit by an independent consultant, which is crucial to complete the Canadian NI 43-101 property report, has been completed.

The Canadian firm intends to secure shareholders’ approval through a written consent process with its major shareholders.

Expediting completion

Platina managing director Corey Nolan said the strategy was expected to expedite completion of the process.

He said: “Completion of the transaction will allow Platina shareholders to share in Skaergaard’s prospective value increase while providing Platina with an injection of new funds to pursue other opportunities.

“On closing, Platina will receive A$520,000 (C$500,000) and 55 million major shares, which based on the last traded price of C$0.38 per share represents a further $A22.1 million (C$20.9 million) in value for Platina shareholders.”

Palladium focused

The sale will see Platina become a major shareholder in Major, which will, in turn, become a palladium-focused exploration company looking to expand its portfolio of palladium assets.

The Skaergaard Project is on the east coast of Greenland and hosts one of the world’s largest undeveloped gold deposits and one of the largest palladium resources outside South Africa and Russia.

Quick facts: Platina Resources Ltd

Price: 0.05 AUD

Market: ASX
Market Cap: $20.2 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...


Emperor Energy welcomes strong support for SPP as it progresses with Judith...

Emperor Energy Ltd's (ASX:EMP) Carl Dumbrell joins Proactive's Andrew Scott soon after receiving firm commitments to raise $656,000 through its share purchase plan (SPP) – attracting more than double the minimum $300,000 target. Net proceeds will go towards strengthening the company’s balance...

9 hours, 3 minutes ago

2 min read