PLN - Platmin Limited - Platmin announces that it has agreed to the conversion

PLN - Platmin Limited - Platmin announces that it has agreed to the conversion  
of all of its US$135 million worth of convertible debentures                    
Platmin Limited                                                                 
Incorporated in the accordance with the laws of Canada                          
Registration number: 610178-0                                                   
Share code on TSX: PPN                                                          
Share code on AIM: PPN                                                          
Share code on JSE: PLN                                                          
ISIN: CA72765Y1097                                                              
Platmin announces that it has agreed to the conversion of all of its US$135     
million worth of convertible debentures                                         
18 February, 2011. TORONTO: Platmin Limited (TSX/AIM: PPN; JSE: PLN) today      
announced that  agreements have been executed with the holders of all the       
convertible debentures issued on 13 May, 2010, in principal amount of US$135    
million, to convert the convertible debentures into 160,714,287 new common      
shares, subject to certain conditions.                                          
The board of Platmin and the debentureholders have also approved an adjustment  
of the conversion price to the equivalent of US$0.84 per share, reflecting      
recent trading levels. That price compares to the closing price of C$0.90/share 
on 17 February, 2011 and the 5 day VWAP of C$0.86/share on the TSX. The         
conversion is subject to regulatory approval and to the completion of the       
transfer of certain power and water rights from Barrick Platinum South Africa   
(Proprietary) Limited to an affiliate of Platmin, which is expected to be       
completed shortly. Upon conversion, the full proceeds from the convertible      
debenture financing - which have been deposited to cash collateralized accounts 
- will be released to Platmin. The company intends to use the capital raised for
general corporate purposes and for investment in growth.                        
Platmin Chairman Brian Gilbertson said: "We welcome this vote of confidence from
the bondholders, which leaves Platmin well positioned to participate in a       
consolidating industry".                                                        
The adjustment to the conversion price in respect of US$30 million of principal 
amount of convertible debentures held by Pallinghurst Investor Consortium (Lux) 
S.a r.l. ("LuxCo") and US$100 million of principal amount of convertible        
debentures held by Ridgewood Investments (Mauritius) Pte Ltd ("Ridgewood") (an  
indirect subsidiary of Temasek Holdings (Private) Limited), are "related party  
transactions" within the meaning of MI 61-101 in Canada but are exempted from   
the minority approval requirements by application of section 5.7 of that rule.  
Upon conversion, LuxCo will acquire a total of 35,714,286 common shares and will
then have ownership, control or direction over 192,683,032 common shares of     
Platmin representing 21.2% of the then outstanding Platmin common shares.       
Ridgewood will acquire a total of 119,047,620 common shares and will then have  
ownership, control or direction over 160,199,883 common shares representing     
17.6% of the then outstanding Platmin common shares. Each independent director  
of Platmin has approved the amendment and there has been no contrary view or    
abstention by any independent director.                                         
The adjustment to the conversion price only in respect of LuxCo also constitutes
a related party transaction under the AIM Rules. The independent directors of   
Platmin, having consulted with the Company`s nominated adviser, Investec Bank   
Plc, consider that the related party transaction is fair and reasonable so far  
as the shareholders of Platmin are concerned. In providing advice to the        
independent directors, Investec Bank Plc has taken into account the independent 
directors` commercial assessments.                                              
Following conversion and the issuance of the new shares, the total number of    
voting rights in Platmin will be 910,395,054 common shares. The above figure may
be used by shareholders as the denominator for the calculations by which they   
will determine if they are required to notify their interest in, or a change to 
their interest in, Platmin under the FSA`s Disclosure and Transparency Rules.   
About Platmin                                                                   
Platmin explores for and develops and operates platinum group metals ("PGM")    
deposits in South Africa. The company`s principal current focus is the          
Pilanesberg Platinum Mine, which is building up to full production. In addition,
it holds platinum interests on the eastern limb of the Bushveld Complex.        
Platmin`s long term goal is to become a significant producer of PGMs.           
For further information                                                         
Russell & Associates                                                            
Charmane Russell                                                                
Tel: +27 11 880 3924                                                            
Mobile: +27 82 372 5816                                                         
Russell & Associates                                                            
Nicola Taylor                                                                   
Tel: +27 11 880 3924                                                            
Mobile: + 27 82 927 8957                                                        
Investment Bank and Sponsor: Investec Bank Limited                              
Date: 18/02/2011 16:00:01 Supplied by www.sharenet.co.za                     
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