Platfields shares remain suspended as cash flow constraints prevent publishing of results
JOHANNESBURG (miningweekly.com) – Emerging platinum miner Platfields, in a quarterly update on Wednesday, advised that trading in the company’s shares on the JSE remained suspended as cash flow constraints were negatively impacting its ability to finalise and publish its results for the six months ended August 31, 2013, and the year ended February 28, 2014.
The company did, however, note that pursuant to its previous quarterly update, its results for the year ended February 28, 2013, had been published.
“The company has been through a very difficult period, with attempts to secure additional funding for the group being unsuccessful to date [owing to among other factors] the difficult situation in the platinum industry. This has also impacted on potential acquisitions, which the company has been similarly unable to conclude thus far,” Platfields said.
The company also noted that, as had been previously announced, it had been approached by a third party and had started negotiations for the acquisition of substantial mining assets.
The company said that, if successful, the acquisition would result in a reverse listing, a change in control and in the board, as well as cash flow being injected into the group.
Platfields also highlighted that certain of its prospecting rights had lapsed subsequent to the year-end, stating that petitions had been made to the Mineral Resources Minister for their validity and security of tenure.
Platfields’ exploration portfolio included the Limpopo-based Leeuwkop project, which comprised a single new order platinum-group metals (PGMs) prospecting right, that was estimated to be worth R44-million.
The company also held prospecting rights for PGMs at the Berg project, in Mpumalanga, which were valued at R32-million.
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