JOHANNESBURG (miningweekly.com) – Junior miner Platmin has filed a preliminary short-form prospectus in Canada on Friday to raise up to $250-million through a share placement.

The platinum miner said that the shares in South Africa, the UK and the US, would only be offered on a private placement basis and would not be offered to the public generally.

RBC Capital Markets would be acting as sole book runner, and together with Investec Bank, as joint lead managers for the offering.

Platmin said that the proceeds of the offering would be used for operational and working capital funding requirements at its Pilanesberg mine, for the 10% acquisition of the Sedibelo platinum project, further exploration, and other general and administrative expenses.

The company announced on Friday that it would buy Barrick Gold's 10% stake in the Sedibelo project on the western limb of the Bushveld Complex for $15-million.

The Sedibelo project is situated between Platmin's Pilanesberg mine and its Magazynskraal platinum property.

Barrick had completed a bankable feasibility study for Sedibelo, but said in October that it deemed the project as noncore and that it would not proceed with the development of the mine, given the fall in platinum prices at the time.

Brian Gilbertson chairs Platmin and Tom Dale is its CEO.

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