Platinum Group Metals Ltd. ((TSX:PTM) has announced the closing of its public offering of common shares, with a total of 225,000,000 issued shares at C$0.80 per share and a gross proceeds of C$180,000,000.
As quoted in the press release:
The Company intends to use the net proceeds from the Offering to partially fund its 74% share of Phase 2 development costs at the WBJV Project 1 platinum mine, its 63% obligation towards ongoing exploration and engineering work on the Waterberg project and for general working capital purposes.
The common shares were offered by way of a short form prospectus filed in all provinces of Canada, and in the United States by way of a registration statement filed with the United States Securities and Exchange Commission. The Company has granted the Underwriters an option, exercisable for a period of 30 days, to purchase additional common shares representing an additional 15% of the Offering to cover over-allotments.