PTM closes $20m bought deal financing

JOHANNESBURG (miningweekly.com) – NYSE-and TSX-listed Platinum Group Metals (PTM) has closed its recently announced public offering of common shares.

PTM announced on April 19 that it had reached an agreement with BMO Capital Markets to buy 15.39-million shares of the company at $1.30 apiece.

Pursuant to the offering, the company has issued the shares to raise gross proceeds of $20-million. 

The net proceeds of the offering will be used for underground development and production ramp-up of the company’s Maseve mine, in South Africa’s North West province; for working capital during start-up; repayment of the remaining $2.5-million outstanding amount of a prior advance under the company's credit agreement with a syndicate of lenders; and for general corporate purposes.