Canadian Platinum Corp

November 18, 2011 14:39 ET

Canadian Platinum Corp. Corporate Update

CALGARY, ALBERTA--(Marketwire - Nov. 18, 2011) -


Canadian Platinum Corp. ("Canadian Platinum") (TSX VENTURE:CPC) is pleased to announce that final regulatory approval has been received on its previously announced "Qualifying Transaction" (the "QT") with McGregor Capital Corp. ("McGregor") (TSX VENTURE:MCP.P). In conjunction with the QT, Canadian Platinum and McGregor amalgamated to form a corporation which will carry on under the name "Canadian Platinum Corp.". The TSX Venture Exchange has accepted notice of the QT, and accordingly Canadian Platinum will be listed as a Tier 2 Issuer on the TSX Venture Exchange and its common shares will trade under the symbol "CPC". Trading of the Canadian Platinum common shares on the TSX Venture Exchange is expected to commence on the morning of Tuesday, November 22, 2011.

Concurrent with the closing of the QT, Canadian Platinum completed both brokered and non-brokered financings to raise gross proceeds of $2,414,750 through the sale an aggregate of 3,916,429 common shares at $0.35 per share and 2,610,000 common shares on a "flow through" basis (as such term is defined under the Income Tax Act (Canada)) at $0.40 per share. In connection with the brokered financing, Macquarie Private Wealth Inc. acted as lead agent and received a corporate finance fee of $30,000 plus GST, was reimbursed for its expenses, and was paid commissions of approximately $14,000 cash and 77,750 common shares of Canadian Platinum. Upon completion of the QT, Canadian Platinum now has 107,863,899 common shares issued and outstanding. The Corporation has granted incentive stock options to acquire a total of 10,780,000 common shares at an exercise price of $0.35 per share to directors, officers, employees and consultants in accordance with Canadian Platinum's stock option plan and the policies of the TSX Venture Exchange. The stock options are generally exercisable for up to 10 years and vest immediately.

Canadian Platinum is a Calgary, Alberta based corporation engaged in exploration for precious and other metals, with a focus on the Swan Lake PGE exploration project in north east Saskatchewan.

For further information please see our public filings at


Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Corporation to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. The forward-looking statements included in this press release are made as of the date of this release and except as required by law, the Corporation does not undertake any obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release may contain statements within the meaning of safe harbour provisions as defined under United States Securities Laws and Regulations. The above statements are based on the current expectations and beliefs of the management of Canadian Platinum and are subject to a number of risks and uncertainties that may cause the actual results to differ materially from those described above.

Neither the TSX Venture Exchange nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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