Platmin has raised $90.6 million from a share sale to fund development of its Pilanesburg project, it has been confirmed.

The Canadian platinum junior secured the funding through the sale of 1.1 million common shares at $8.30 per share to a syndicate of underwriters in December.

Construction of the mill and concentrator is now scheduled to be completed towards the middle of this year, Mining Weekly reports.

Platmin has also reiterated that it is mulling acquisitions and is looking to become a larger player in the platinum sector.

A statement from the firm said: "Platmin is also actively looking at potential acquisition opportunities in the vicinity of the Pilanesburg project that could add resources and further expand the life of planned mining operations."

News of progress on Platmin's Pilanesburg project comes as the miner announced a loss of $102 million for the third quarter last year.

Source:

Junior miner raised C$92,9m for SA platinum project, 15/01/08
http://www.miningweekly.co.za/article.php?a_id=124437

Platmin Q3 net loss narrows on fall in expenses, foreign exchange gain, 14/01/08
http://www.forbes.com/markets/feeds/afx/2008/01/14/afx4528456.html

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