Platinum Australia intends to raise up to $6 million in an IPO of 30 million share at 20c apiece. Each share will have a free attaching option exercisable at 20c, and 15 million of the shares and 15 million options will be offered to Swiftel shareholders on a pro-rata, non-renounceable entitlement basis. The remainder will be offered to the public.
Diamond and RC drilling at the Panton project by the previous leaseholders between 1972 and 1989 defined an indicated and inferred resource of 2 million tonnes grading at 6.02 grams per tonne of platinum group elements (PGE), plus gold, averaging 0.5gpt, and 0.28% nickel.
The resource is based on a single chromitite layer or reef, the ‘A’ chromitite, and uses a 3gpt PGE plus gold cut-off an a minimum width of 1.2m.
It is open along strike, in depth and in the oxide zone, which is not included in the quoted resource.
