Johannesburg - Struggling mining firm Platfields said on Friday that talks to sell its mining assets - a move which could result in a reverse listing - were progressing well and that it would soon announce top management changes.
Platfields, issuing a further trading cautionary to shareholders, said in a statement it had not been able to secure additional funding - due to difficult market conditions in the platinum sector - and was therefore unable to complete potential acquisitions.
“The company has been through a very difficult period, with attempts to secure additional funding for the group being unsuccessful to date due, inter alia, the difficult situation in the platinum industry. This has also impacted on potential acquisitions, which the company has been similarly unable to conclude thus far,” Platfields said.
The company, which has seen some of its prospecting rights lapse, had previously announced that it was in talks with a third party over selling substantial mining assets. The sale could result in a reverse listing and a change in control on the board.
“Negotiations are progressing well with the potential funding to regularise the compliance requirements of the company, in conjunction with signed agreements for the acquisition of assets,” Platfields said.
Platfields had already issued trading cautionary announcements on 30 May 2014, 2 June 2014, 11 July 2014, 22 August 2014, 6 October 2014, 17 November 2014, 2 January 2015 and 13 February 2015.
ANA