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Platinum Australia to raise A$40m for South Africa projects

SX-listed Platinum Australia on Thursday announced an equity raising of about A$40-million for its Smokey Hills mine and platinum exploration projects in South Africa.

The equity raising would consist of a A$15-million fully underwritten institutional placement as well as a one-for seven accelerated non-renounceable entitlement offer.

The institutional placement would be issued at a fixed price of 59c a share, and would represent a 10,6% discount to the closing price of Platinum Australia shares on November 10.

The entitlement offer would comprise an institutional component of about A$11-million and a retail component of A$14-million. Eligible shareholders would be invited to subscribe for one new share for every existing seven shares held, at an issue price of 56c a share.

The entitlement offer represented a 13,5% discount to the closing price of Platinum Australia shares on November 10, and a 15,2% discount to the theoretical ex-rights price.

MD John Lewins said in a statement on Thursday that the proceeds of the capital raising would be used for development and operational capital for the Smokey Hills operation, to provide the company with the necessary funds to achieve nameplate capacity of 95 000 oz/y.

Proceeds from the raising would also be used to fund continued exploration and development expenditures at the Kalahari Platinum project, as well as the Rooderand Platinum project.

Lewins reported on Tuesday that the capital cost for the Kalahari Platinum project, in South Africa’s North West province, increased by 40% to R1,14-billion.

The projected capital cost increase from R820-million in the prefeasibility study related to the increase in the costs of power and water.

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