New Corpcapital (NCA) began trading on the Platinum and Precious Metals sector of the JSE’s Main Board on Friday following the successful reverse-listing of Sable Platinum into the company.
The name change to Sable Platinum Limited will take place once the special resolution approved by shareholders has been registered.
Sable Platinum is an exploration company with prospecting rights on the Western Limb of the Bushveld Igneous Complex. Its primary target is platinum group metals‚ but other mineral opportunities within its projects include vanadium and iron ore.
James Allan‚ a mining engineer and entrepreneur who has been involved in the mining and financial services industries for 29 years‚ has been appointed CEO of Sable Platinum. He says that the company has a positive view on the medium to long-term prospects for platinum and for its growth.
“The Competent Persons Report on Sable Platinum shows a target resource of between 42 million ounces and 70 million ounces of 4E (platinum‚ palladium‚ rhodium and gold)‚” he says.
New Corpcapital has‚ in effect‚ ceased to carry on any business and has some 110 cents per share of net asset value‚ with its assets being principally cash or cash equivalents. The acquisition amounts to a reverse listing of Sable Platinum on terms that the board of New Corpcapital considers attractive to its existing shareholders.
“The reverse listing will provide Sable with a platform to raise additional capital for its exploration programme. Where projects are found to be viable‚ Sable Platinum will be in a better position to bring them to the Bankable Feasibility Study stage in addition to continuing to acquire and develop a portfolio of precious metals mining assets‚” says Allan.
Sable Platinum is the holding company of Sable Platinum Mining (Proprietary) Limited and Roan Platinum (Proprietary) Limited‚ whose main activities are exploration and related activities such as the economic evaluation of the deposits and assessing the viability of constructing a mine with specific reference to platinum group metals and vanadium.
By 1pm on Friday there had been no trades in New Corpcapital‚ but bids and offers varied between R11 and R188. The stock closed at R105 on Thursday. - I-Net Bridge