Platinum Australia said it has secured a A$15m bridge facility with Macquarie Bank to end previous financing arrangements used for the development of its Smokey Hills project in South Africa.
The facility is repayable in full by 31 August 2011 and the company will issue Macquarie 1.4 million options over its shares exercisable at A$1.05 a piece.
The deal allows Platinum to end its previous finance and hedging facilities provided by
Standard Bank for the development of the Smokey Hills project.
The Smokey Hills project is located the Bushveld Complex, 300km north of Johannesburg.