JOHANNESBURG (miningweekly.com) – Pine Pienaar has resigned as the CEO of Bauba Platinum, which asked for a voluntary suspension of trading in its shares on the JSE on Tuesday.

Pienaar, who headed Mvelaphanda Resources before he moved to Bauba, resigned as a director and as CEO of the exploration company with effect from Monday.

Troubled Bauba asked for suspension of trading in its shares on the local bourse, after it failed to reach an agreement to raise R7,5-million.

“Despite the company having received written confirmation from subscribers to the new issue that the R7,5-million subscription funds had been deposited into a trust account at the company’s attorneys, the company has been unable to reach agreement with the vendors in entering into and implementing the re-instatement agreement on materially the same terms and conditions as contained in the memorandum of understanding. As a consequence, one of the subscribers to the new issue has issued a withdrawal request in terms of its portion of the subscription funds,” Bauba explained in a stock exchange announcement.

The company added that the notice might lead to a further withdrawal of the subscription funds pertaining to the new issue.

In December, Bauba also halted trading after it became known that a subscriber had failed to take up R7,2-million worth of initial public offering shares.

Bauba had until January 31, to come up with the R7,2-million shortfall.

Bauba acquired its platinum properties from the shareholders of Ndarama Mineral Resources and Bauba A Hlabirwa Mining Investments.

In December, Mathews Phosa resigned from the board of the company.

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