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Marathon PGM closes $20 million bought deal offering

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Confidential Client

On April 17, 2008, Marathon PGM announced that it had closed its previously announced public equity offering, in which 4,350,000 units were issued at a price of $4.60 per unit for aggregate gross proceeds of $20,010,000. Each Unit consists of one common share and one-half of a common share purchase warrant of Marathon with each whole warrant exercisable into one common share of Marathon at a price of $6.00 and expiring on April 18, 2010. The offering was underwritten by a syndicate of underwriters led by TD Securities Inc. and included Blackmont Capital Inc. The underwriters were granted an over-allotment option, exercisable up to May 19, 2008, to purchase for sale up to 652,500 common shares at a price of $4.32 per share and up to 326,250 warrants at a price of $0.56 per warrant. Marathon intends to use the net proceeds of the offering to fund its commitments under its joint venture with Benton Resources Corporation, to continue development of the Marathon PGM-Cu mining property, and for general corporate and working capital purposes. The underwriters were advised by a team from Fasken Martineau including John Turner, Georges Dubé, Jennifer Armstrong, Daye Kaba and student-at-law Mara Beckford.



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