Cash-strapped Platfields still on the hunt for financing
Emerging platinum miner Platfields remains on the hunt for additional funding, stating on Friday that attempts to secure financing through this “very difficult period” had, thus far, been unsuccessful.
Its inability to secure capital had stalled the conclusion of potential acquisitions, while certain of the group’s prospecting rights had lapsed subsequent to the year-end.
Petitions had, however, been made to the Mineral Resources Minister for their validity and security of tenure.
Platfields added in a statement that it remained in ongoing negotiations with an unnamed third party for the acquisition of “substantial mining assets”, which, if successful, could result in a reverse listing, a change of control, as well as cash flow being injected into the group.
“Negotiations are progressing well, with the potential funding to regularise the compliance requirements of the company, in conjunction with signed agreements for the acquisition of assets,” it outlined.
The company announced in August last year that it had been compelled to put exploration activity largely on hold, citing its inability to attract investment interest, owing to the “turbulence” currently experienced in the South African mining industry – particularly in the platinum sector.
Shareholders were advised to continue to exercise caution when dealing in the company’s securities until a further announcement was made.
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