The Australian minerals company Aim Resources has raised AUS$4.3 million ($3 million) from a European share placement, which will be used to purchase an undeveloped platinum deposit in South Africa.

A total of 73 million Aim shares were issued to fund the acquisition of the Mooiplats project, located in Mpumalanga Province.

AIM managing director, Marc Flory, commented: "The participation of European institutional investors in the capital raising reflects the growing interest the company is receiving from investors outside of Australia.

"As the company exercises its options to purchase significant platinum assets it is likely that further interest in the company will be generated from investors from the UK, Europe and Canada."

He added: "The completion of the fund raising programme cements the company's African focused advanced resource acquisition strategy."

If the purchase is successful Aim will have access to 29.3 million ounces from a reserve of 39 million ounces of platinum group metals, which are used widely used in the manufacture of vehicle emission control systems.