PTM completes $1m nonbrokered private placement
TSX- and NYSE-listed Platinum Group Metals (PTM) on May 29 closed a previously announced nonbrokered private placement.
An aggregate of 800 000 common shares were subscribed for and issued to existing major beneficial shareholder Hosken Consolidated Investments (HCI) through its subsidiary Deepkloof, resulting in gross proceeds to the company of nearly $1.01-million.
Closing of the private placement allows HCI to return to a 26% interest in the company.
PTM intends to use the net proceeds of the private placement for its share of pre-construction site work, engineering and preparation costs on the Waterberg project in South Africa and for general corporate and working capital purposes.
PTM is the operator and majority owner of the Waterberg project, a bulk underground platinum, palladium, rhodium and gold deposit in South Africa.
The project was discovered by PTM and is being jointly developed with Impala Platinum, Mnombo Wethu and HJ Platinum Metals Company, a company established in 2023 by the Japan Organisation for Metals and Energy Security and Hanwa as a special purpose company to hold and fund their aggregate equity interests in the project.
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