Platmin, Perilya to gain new majority holders through stock sales; Kalahari to sell shares; Novint plans deal

By Kenneth Lim

Boston, Dec. 9 - Platmin Ltd. will give majority control to investors of a C$157.15 million and a ZAR 500 million placement of common stock in order to fund a platinum project.

Perilya Ltd. could beat back a hostile takeover bid with a A$45.46 million placement of its common stock to a major Chinese metal company.

Kalahari Minerals plc plans to maintain its stake in a uranium exploration company with capital from a planned £3.95 million stock placement.

Novint Technologies, Inc. is offering $4.25 million of promissory notes through a private placement to raise working capital.

Platmin sells shares

Platmin is planning stock placements of C$157.15 million and ZAR 500 million to two groups of investors.

The company will sell about 184.89 million common shares at C$0.85 apiece to Ivy Lane Capital Ltd., the investment vehicle for Pallinghurst Resources, in the initial tranche.

The second tranche comprises about 73.53 million shares at ZAR 6.80 per share to the Bakgatla-Ba-Kgafela Tribe.

Platmin common stock (TSX: PPN) rose 17.65% or C$0.09 to close at C$0.60 on Tuesday.

Proceeds will be used to complete the development of the company's Pilanesberg platinum project.

Centurion, South Africa-based Platmin is a natural resources company.

The completion of the placements will give Pallinghurst and the Bakgatla control over 69.8% of Platmin's shares. Pallinghurst chairman Brian Gilbertson and Arne Frandsen, chief executive of a joint venture between Pallinghurst and the Bakgatla, will join Platmin's board of directors following the completion of the first tranche.

Rupert Pardoe, who will resign as chairman of Platmin, said in a press release: "We are very pleased to announce this major financing in difficult markets and to recognize the support of Pallinghurst and the Bakgatla community. This transaction will secure the future of Platmin and allow it to complete the construction of the Pilanesberg Mine project and hence become a major low-cost independent platinum producer."

Gilbertson added that "The demand for [platinum group metals] will be huge in years to come, and so we are pleased to increase our ownership of this robust venture, which is about to commence production, and which holds the promise of future growth via regional consolidation."

Perilya counters CBH bid

Perilya plans to place A$45.46 million of its common stock to Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd. in a private placement that could thwart an earlier rival bid by CBH Resources Ltd.

The placement comprises about 197.67 million ordinary shares at A$0.23 per share, representing a 50.1% stake. Perilya common stock (ASX: PEM) closed at A$0.165 on Tuesday, up by 3.13% or A$0.005.

Based in Perth, Australia, Perilya is a base metals mining and exploration company.

Perilya's board of directors will also be restructured to give Shenzhen Zhongjin half of the seats.

The deal, which needs shareholder and regulatory approval, comes amid a hostile all-stock bid by CBH for Perilya. The CBH offer is valued at A$31.4 million.

Shenzhen Zhongjin will not accept CBH's offer. Current directors of Perilya support the Shenzhen Zhongjin deal.

"The agreement represents a watershed event for Perilya and provides a significant platform for growth and a major operational and funding boost for the company," Perilya managing director Paul Arndt said in a statement. "It also will leave Perilya extremely well placed to withstand the current commodity price environment, and to pursue growth options as they arise."

"Perilya believes this access to capital provides a significant comparative advantage to other resource companies, and will also allow us to advance, as appropriate, development projects such as the Mount Oxide copper project," he added. "Zhongjin is a strong and well funded strategic partner committed to the long-term development of Perilya's assets. As China's third largest zinc producer, Zhongjin has a wealth of mining, processing, smelting and marketing experience that will add significant value, particularly through these turbulent times."

Zhongjin president Zhang Shuijian also added that "this represents a good opportunity to invest in the Australian market and support Perilya."

"Zhongjin is fully supportive of Perilya, its current management team and operating plan," Zhang said. "This support will extend to future opportunities for Perilya and its shareholders as they arise."

Zhang confirmed that Zhongjin does not intend to accept CBH Resources' offer for Perilya shares.

Kalahari to protect Extract stake

Kalahari Minerals said it has conditionally raised £3.95 million through a private placement of its common stock.

The company is selling about 12.35 million ordinary shares at 32p apiece. Kalahari, a £54.85 million market capitalization company, saw its stock gain 1.32% or 0.43p to close at 32.93p on Tuesday.

Proceeds will be used to maintain the company's 39.05% stake in Extract Resources Ltd. and for general working capital requirements.

London-based Kalahari Minerals is a mining exploration and evaluation company.

The shares will be placed with new and existing institutional shareholders.

"The demand for the placing, particularly in the current environment, clearly indicates that investors believe in the quality of our portfolio and endorses our development, corporate and investment strategy," Kalahari Minerals executive chairman Mark Hohnen said in a statement.

"The fund-raising would also again appear to vindicate our decision to terminate our merger plans with Extract. Rio Tinto's stake building in both Extract and Kalahari prompted concerns from a number of our larger shareholders that there was the potential for Rio Tinto to acquire effective control of the merged company without paying a premium for doing so."

Extract's Australia-listed stock is currently a bargain, Hohnen added.

"There is a building appetite in the market for uranium plays, emphasized by the recent acquisition of Toronto listed Forsys Metals Corp by George Forrest International Afrique for circa C$580 million," Hohnen stated.

"Taking into account this acquisition of Forsys, which operates in the same uranium district, it would suggest when comparing resource base and grade, Extract is trading at a deep discount to what the market is currently placing on uranium discoveries. Extract has a world-class portfolio of uranium deposits and we, our existing and new shareholders recognize its huge potential. We remain highly supportive of Extract and will assist in all ways possible to ensure that the value of their uranium portfolio is both recognized and maximized."

Novint to sell notes

Novint Technologies plans to sell $4.25 million of 8% promissory notes due Dec. 4, 2009 through a private placement. The company has already raised $600,000.

Investors will also receive warrants for 4.25 million shares. Each warrant is exercisable at $1 for five years.

Novint common stock (OTCBB: NVNT) closed unchanged at $0.50 on Tuesday. The company has a market capitalization of $16.13 million.

Proceeds will be used for working capital and general corporate purposes.

Based in Albuquerque, N.M., Novint develops 3-D computing technologies.

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