- Platinum Group Metals (PTM) has announced a non-brokered private placement for proceeds of US$6.0 million
- The company intends to sell 3,539,823 common shares at price of US$1.695 each to existing major shareholder, Hosken Consolidated Investments Limited
- Net proceeds will be used to repay in full the remaining US$3.0 million principal balance of a senior secured facility
- Platinum Group Metals is the operator of the Waterberg Project, a palladium and platinum deposit located in South Africa
- Platinum Group Metals Ltd. (PTM) opened trading at C$2.11 per share
Platinum Group Metals (PTM) has announced a non-brokered private placement for proceeds of US$6.0 million.
The company intends to sell 3,539,823 common shares at price of US$1.695 each to existing major beneficial shareholder, Hosken Consolidated Investments Limited.
Net proceeds will be used to repay in full the remaining US$3.0 million principal balance of a senior secured facility and for general corporate and working capital purposes.
On January 20, 2022, the company reported the execution of privately negotiated agreements with the beneficial owners of US$20 million of the company’s convertible senior subordinated notes due July 1, 2022. Under the agreements, the company will purchase and cancel the notes in exchange for 11,793,509 common shares, plus accrued and unpaid interest which will be paid in cash.
The company’s President and CEO, Frank R. Hallam, stated,
“We appreciate the support of our major shareholder HCI, allowing the company to make a final repayment of our debt. The company will be debt free for the first time since 2015 and will be well positioned to advance its objectives for the Waterberg Project in South Africa.”
Platinum Group Metals is the operator of the Waterberg Project, a bulk underground palladium and platinum deposit located in South Africa.
Platinum Group Metals Ltd. (PTM) opened trading at C$2.11 per share.