Monday 10th December 2018

Resource Clips

Platinum Group closes $125M Bought-Deal financing

Platinum Group Metals Ltd PTM:CA announced that it has closed its previously announced bought-deal equity financing of 61,000,000 common shares at $2.05 per share for aggregate gross proceeds of $125,050,000. Platinum Group intends to use approximately $60.1 million of the net proceeds as payment to a subsidiary company to increase its interest in projects in the Western Bushveld Complex of South Africa from 54.75% to 74%. The remaining proceeds of $47.77 million will be applied against the Company’s 74% share of an initial $64.56 million development program, and approximately $10 million will be reserved for general working capital purposes.

President R. Michael Jones said, “We are very pleased to be supported by a strong global syndicate of banks and our shareholders in order to move construction of a new platinum mine forward in the area at the centre of the world’s platinum production and several other new mine developments.”

View Company Profile

R. Michael Jones
or 866.899.5450

by Ted Niles

Share |

View All: News Stories