Helix spin-off in $6.2m IPO

Helix Resources Ltd spin-off Platina Resources Ltd has lodged a prospectus for an initial public offering of up to $6.2 million (minimum amount $4.3 million) to fund exploration and further advancing current projects.

The company will also use the funds to secure other prospective areas, both domestically and off-shore.

Platina's resource base comprises the Munni Munni project south of Karratha in Western Australia with 2.1M oz of PGM and the Fifield Platinum project near Parkes in New South Wales with potential for a +100,000 oz of eluvial/alluvial platinum.

The company's initial focus will be on assessing the economics of the near surface Platinum occurrences.
The underwriters are Patersons Securities Ltd.

In March, Helix Resources announced plans to spin-off its platinum assets into a new publicly listed vehicle, Platina, which will be a dedicated platinum explorer with a separate budget to pursue these highly prospective assets.

By separating its gold and platinum assets into two vehicles, Helix believes that better value for shareholders will be realised by unlocking the full potential of the assets, provide a clearer focus for each entity and enable an enhanced exploration effort in both gold and platinum.