Platina Resources in trading halt ahead of capital raising announcement

Platina Resources Ltd (ASX:PGM) has been granted a trading halt by the ASX with an announcement pending in regard to a proposed capital raising. The trading halt will be in place until the beginning of regular trade on Tuesday, June 16, or when an announcement is released to the market, whichever occurs earliest. Platina's shares last traded at 2.4 cents and have risen from 1.4 cents at the close on April 30. Challa Gold Project purchase Platina recently entered into a conditional deal to buy the Challa Gold Project, between the Mt Magnet and Sandstone gold districts in Western Australia, in exchange for shares and a royalty. The project includes two high-quality exploration licence applications covering 293 square kilometres. This acquisition follows the sale announced last week of its Skaergaard Palladium Project in Greenland to Canada’s Eastern Zinc Corp (CNSX:EZNC). The tenements have not been the subject of any recent or modern exploration activities and the company is set to begin field activities once the tenements are granted. Platina will pay the vendor 10 million Platina shares and a 0.75% gross gold royalty payable on any gold produced from the tenements.