https://www.engineeringnews.co.za

Platinum Group Metals closes private placement

1st July 2019

By: Tasneem Bulbulia

Deputy Editor Online

     

Font size: - +

Dual-listed Platinum Group Metals (PTM) has closed a nonbrokered private placement with Hosken Consolidated Investments (HCI), an existing major shareholder of the company, for gross proceeds of $1.3-million.

The company has issued an aggregate 1.11-million common shares to Deepkloof, a subsidiary of HCI, at a price of $1.17 per common share.

On a nondiluted basis and after giving effect to the private placement, HCI’s ownership percentage has increased from 20.05% to 22.60% of the company’s issued and outstanding common shares.

The company did not pay any finder’s fees in connection with the private placement.

The company intends to use the net proceeds of the private placement for its share of remaining costs to complete a definitive feasibility study that is under way at the Waterberg platinum/palladium project in South Africa, and for general corporate and working capital purposes.

The Waterberg project is described on the PTM website as a shallow, bulk-mineable project with growth potential.

Major Johannesburg Stock Exchange-listed platinum mining and marketing company Implats bought 15% of the project for $30-million in October 2017, with an option for a $166-million acquisition and development commitment.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Trotech
Trotech

Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.

VISIT SHOWROOM 
Flanders Electrical SA
Flanders Electrical SA

FLANDERS Southern Africa provides integrated solutions for mining and industrial operations, covering field services, automation, electrification,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.052 1.013s - 140pq - 2rq
Subscribe Now