Nkwe Platinum Limited executed a formal asset sale agreement with ASX listed company International Goldfields Limited (IGC) pursuant to which Nkwe will acquire IGC’s 15% interest in the Tubatse PGM Project located in the Eastern Limb of the Bushveldt platinum region of South Africa.
International Goldfields Limited (IGC) has executed a formal asset sale agreement with NKWE Platinum Limited pursuant to which IGC will sell its 15% interest in the Bushveldt platinum region of South Africa (“Tubatse Project”) to NKWE for A$60M. IGC Chairman, Tony Sage, said the receipt of the first payment will provide IGC with the financial backing to finalise negotiations for the acquisition of a 50% stake in prospective multi-billion barrel oil fields in one of the major undeveloped new oil basins in Kazakhstan (refer ASX announcement 7 October 2009).
Nkwe Platinum Limited announce a successful capital raising to institutional and sophisticated investors of A$7.5m at A$0.25 per share with a free attaching option (A$0.35 – exercisable 24 months from date of issue) for every 2 shares subscribed for. The funds raised will be used to expedite the Bankable Feasibility Study with Xstrata at the Garatau / Tubatse project, South Africa and continue with examination of other PGM opportunities.
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