Platina Resources Limited Non-Renounceable Rights Issue - Prospectus

Sydney, Australia (ABN Newswire) - Platina Resources Ltd. (ASX:PGM) (OTCMKTS:PTNUF) is pleased to announce that it has today lodged with ASIC the Prospectus (Prospectus) for a non-renounceable rights issue to eligible shareholders, on the basis of 1 new option to subscribe for fully paid ordinary share for every 1 share held, at an issue price of $0.01 per option and exercisable on or before 30 September 2015 at $0.06 (New Options), to raise approximately $1.32 million, based on Platina’s undiluted share capital (Rights Issue). Assuming no existing options on issue in the Company are exercised, approximately 132,607,847 New Options will be offered under the Rights Issue.

A copy of the Prospectus is attached to this announcement.

The Prospectus will be posted on Friday 21 February 2014 to Eligible Shareholders of the Company as at 7pm (AEDT time) Tuesday 18 February 2014 (Record Date).

The Rights Issue will be available to all registered shareholders who hold shares as at the Record Date with registered addresses in Australia, New Zealand, Hong Kong SAR and the Cayman Islands (Eligible Shareholders). Eligible Shareholders will also be entitled to apply for any shortfall in addition to subscribing for their full entitlement to New Options.

In accordance with the ASX Listing Rules, Platina has considered the number of shareholders with registered addresses in various jurisdictions outside of Australia, New Zealand, Hong Kong SAR and the Cayman Islands and the size of the shareholdings held by those shareholders. Taking this into consideration, as well as the costs of complying with the legal requirements and the requirements of the regulatory authorities relating to the shareholders with registered addresses in various jurisdictions outside of Australia, New Zealand, the Hong Kong SAR and the Cayman Islands, the Company has formed the view that it is unreasonable to extend the Rights Issue to those shareholders who do not reside in Australia, New Zealand , the Hong Kong SAR and the Cayman Islands.

The Rights Issue is not underwritten. Major shareholders Electrum Global Holdings L.P. and Cairnglen Investments, plus the Directors and management of Platina, have all confirmed their intentions to subscribe for their full entitlement to New Options, amounting to over 35% of the Offer.

The funds raised from the Rights Issue will be used to:

- provide working capital;
- complete metallurgical testwork followed by feasibility studies at the Owendale platinum and scandium project in central New South Wales;
- fund other exploration activities; and
- fund the costs of the Rights Issue.

We confirm that the timetable for the Rights Issue is set out in the table below:

Date Event/s
10 February 2014 Announcement of Rights Issue
10 February 2014 Submit Appendix 3B to ASX
10 February 2014 Notice of Options Issue sent to Shareholders
12 February 2014 Trading on Ex basis
18 February 2014 Record Date for Rights Issue
21 February 2014 Completion of despatch offer documents to shareholders announced
21 February 2014 Rights Issue Opens
14 March 2014 Rights Issue Closes
17 March 2014 Trading on a deferred settlement basis commences
19 March 2014 Expected date of allotment of New Options under Rights Issue
19 March 2014 Trading on a deferred settlement basis ends
20 March 2014 Quotation of New Options
21 March 2014 Despatch of New Options holding statements

This timetable is indicative only and may be subject to change subject to the requirements of thevCorporations Act 2001 (Cth) (Corporations Act) and the ASX Listing Rules.


Further information

The Rights Issue is being made in accordance with section 713 of the Corporations Act.

Upon completion of the Rights Issue, and assuming it is fully subscribed, the issued capital of Platina will comprise approximately 132,607,847 shares, 132,607,847 listed options exercisable at $0.06 each and having an expiration date of 30 September 2015 and 1,000,000 unlisted options exercisable at $0.10 each and having an expiration date of 26 November 2016.

An Appendix 3B applying for quotation of the New Options was lodged with the ASX on 10 February 2014.

Platina encourages all Eligible Shareholders to participate in the capital raising.


On behalf of the Board

Duncan Cornish
Company Secretary



To view the prospectus, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-PGM-781488.pdf


About Platina Resources Limited:

Platina Resources Ltd. (ASX:PGM) (OTCMKTS:PTNUF) has a global portfolio of Platinum Group Metal (PGM), gold and scandium projects, with a core focus on the development of two key advanced assets – the Skaergaard PGM-Gold Project in Greenland and the Owendale Platinum and Scandium Project near Fifield, NSW, Australia.



Contact:

Platina Resources Ltd.
T: +61-7-5580-9094
F: +61-7-5580-9394
WWW: www.platinaresources.com.au