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Client Work

Marathon PGM raises US$10.2 million in equity offering

Fasken
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Client

TD Securities Inc.

On November 3, 2006, Marathon PGM Corporation announced that it had closed its previously announced offering of 1,194,700 units of Marathon at a price of $3.50 per Unit and 1,430,000 common shares on a "flow-through" basis at a price of $4.20 per Flow-Through Share, for aggregate gross proceeds of $10,187,450. A syndicate led by TD Securities Inc. and including Octagon Capital Corporation acted as the Marathon's underwriters in connection with the offering. Each Unit consists of one common share and one half of one common share purchase warrant, each whole common share purchase warrant entitling the holder to purchase one common share at a price of $4.00 at any time following the closing until 5:00 p.m. (Toronto time) on November 3, 2008. Marathon plans to use the proceeds of the Offering to fund a NI 43-101 compliant feasibility study at the Marathon PGM - Cu Project, for additional exploration, general corporate purposes, and to incur eligible Canadian Exploration Expenses. The underwriters were advised by a team from Fasken Martineau including John Turner, Georges Dubé and Jennifer Armstrong, with assistance from student-at-law Jennifer Sloan.

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