Aquarius Platinum Ltd has announced that Euroz Securities Ltd has raised A$23.4 million through the placement of three million ordinary shares at A$7.80 a share.

This is equivalent to 3.7 per cent of Aquarius's enlarged share capital and will rank equally with existing ordinary shares.

The money raised by the placement is to be devoted to the company's involvement with the Kroondal Mine Pool and Share Agreement (P&SA) announced in June.

The P&SA will see subsidiary Aquarius Platinum (South Africa) (Pty) Ltd and Anglo Platinum pool a number of assets and share the proceeds, which will be used to pursue the exploration at Kroondal.

The Kroondal mine enjoyed a production rate of 134,000 oz of platinum in 2002.