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PLN - Platmin extends 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 extends convertible debentures 1 March 2011 1 March 2011. TORONTO: Platmin Limited (TSX/AIM: PPN; JSE: PLN) today announced that it has agreed with the holders of all the convertible debentures issued on 13 May 2010, in principal amount of US$135 million, to extend the maturity date of the convertible debentures from 28 February 2011 to 31 March 2011. The holders of debentures have previously agreed to convert the debentures into 160,714,287 new common shares, subject to certain conditions. The only condition remaining outstanding is the completion of the transfer of certain power and water rights from Barrick Platinum South Africa (Proprietary) Limited to an affiliate of Platmin, and the extension is intended to permit the necessary time for that transaction to close. The extension of the maturity date is a related party transaction 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), within the meaning of MI 61-101 in Canada but is 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 extension of the maturity date 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 insofar as the shareholders of Platmin are concerned. About Platmin Platmin`s primary asset is the Pilanesberg Platinum Mine, which is currently building up to full production. The focus of the Company is on achieving the metal production forecasts predicted in the bankable feasibility study for the mine and participating, through judicious investment, in the considerable value creation potential which lies in the optimal exploitation and development of the western limb of the Bushveld Complex. Platmin also holds interests in projects on the eastern limb. 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: 01/03/2011 16:00:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
