JOHANNESBURG (miningweekly.com) – TSX-, Aim- and JSE-listed Platmin, which develops platinum projects in South Africa, said on Thursday that it had raised $250-million in new equity.

The company agreed to issue over 205,7-million new shares at $1,125 a common share.

RBC Capital Markets and Investec Bank are underwriting 95,6-million shares for gross proceeds of $115,86-million, while Ridgewood Investments is acquiring the balance of $134,14-million.

Ridgewood is an indirect subsidiary of Temasek, Algemene Pensioen Groep and Platmin's largest shareholder, Pallinghurst.

"During our recent fundraising initiative we found strong support from our existing and new shareholders for the PGM sector in general, and our initiatives in particular. The conclusion of that process leaves Platmin in a strong financial position, well-placed to complete the development of the flagship Pilanesberg platinum mine, and to support any development initiatives in the region, particularly of near-surface, low-cost projects," commented chairperson Brian Gilbertson.

Platmin also recently agreed to buy Barrick Gold's 10% stake in the Sedibelo project, on the western limb of the Bushveld Complex for $15-million.

The company announced on April 19 that it planned to raise $250-million.

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