TSX- and NYSE-listed platinum group metals miner Platinum Group Metals (PTM) has entered into an equity distribution agreement with financial services provider BMO Capital Markets Corporation, effective February 5.
Under the terms of the agreement, PTM may sell its common shares in the capital of the company from time to time, for up to $50-million in aggregate sales proceeds in "at-the-market" transactions.
PTM is the operator and majority owner of the Waterberg project – a bulk underground palladium, platinum, gold and rhodium deposit in South Africa.
The Waterberg project was discovered by PTM and is being jointly advanced with the shareholders of Waterberg Joint Venture Resources – being PTM; Impala Platinum; Japan Oil, Gas and Metals National Corporation; Hanwa Company and Mnombo Wethu Consultants.
PTM last week announced that the Department of Mineral Resources and Energy had granted a mining right for the Waterberg project.