Platina raises cash for Owendale studies

ASX-listed Platina Resources will raise some A$7-million from sophisticated and institutional investors to fast-track the completion of prefeasibility studies at its Owendale scandium, cobalt, nickel and platinum project, in New South Wales. Platina on Thursday said it would place up to 52.82-million shares, at a price of 13.5c each to raise the funds. The placement price represented a discount of 11.7% to the company’s five-day volume weighted average price leading up to the finalisation of the placement.