Lonmin has avoided the likelihood of collapse by winning support for a R5.7-trillion equity sale as its shares rose to their highest in two weeks. The company, the world's third-biggest platinum producer, plans to offer about 27billion shares at 1p each, representing a 94% discount to the closing price of 16.25p on Friday.The Public Investment Corporation, which oversees South African state employees' pensions, will take up its rights to the new stock.The sale is a win for Lonmin as it battles to stay afloat with a huge debt load and a 51% slump in platinum prices since August 2011.The company was on the verge of being the biggest casualty of the commodity crisis and warned it might fold if shareholders did not approve the stock sale.It has already cut jobs and closed unprofitable operations.Lonmin has written down the value of its assets by more than half to $1.6-billion after incurring an impairment charge of $1.8-billion.It reported an underlying loss of $143-million for the year to the end of September from a profit of $46- million 12 months earlier.Net debt was at $185-million, up from $29-million last year, it said.Plans to cut jobs and shut shafts were "50% complete" as 3136 workers from a total complement of about 38000 exited, Lonmin said.Sibonginkosi Nyanga, an analyst for Momentum SP Reid, said: "If you look at the dilution, it will be massive. It's cruel for the guys who've been holding this share ."Holders will get 46 new securities for every one held and have until December 10 to decide on the offer.HSBC, JPMorgan Cazenove and Standard Bank will support the offer, and the plan is fully underwritten. ..