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Platinum Australia Announces Standard Bank of South Africa Loan Settlement Tuesday September 15, 2009, 10:20 am Original Announcement: Standard Bank of South Africa Loan Settlement Platinum Australia advised that the Company has now fully retired the project financing facility provided by Standard Bank of South Africa for the development of the Smokey Hills Platinum Mine. All securities held by Standard Bank have now also been released. The settlement was completed using the $15m Bridging Facility from Macquarie Bank, together with approx $4.5m of the Company's cash reserves. As a consequence of these transactions, the PLA Group of Companies' only debt is the amount owing to MBL under the Bridging Facility and the Company cash on hand amounts to approx. $10m. The Company now has complete access to all the cashflows from the Smokey Hills project, allowing the funds provided by PLA to the project and other JV partners to be repaid.More information about PLA.AX |
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