Platinum Group Metals Moving Forward with Maseve Mine Sale

Platinum Group Metals (TSX:PTM,NYSE:PLG) is proceeding with its $74 million sale of its Maseve Mine to Royal Bafokeng Platinum (RBPlat) (JSE:RBP), which was first announced in September. The company said it had completed due diligence and and the execution of binding legal agreements regarding the sale.
The firm said RBPlat is to pay an initial $58.0 million in cash to acquire the concentrator plant and certain surface assets of the Maseve Mine, which is located on the Western Limb of the Bushveld Complex near Rustenburg, South Africa. RBPlat already paid a $3 million deposit regarding this step of the deal on October 9. Closing of the first step of the deal is subject to RBPlat shareholder approval at a meeting scheduled for November 30. The transaction must also gain the approval of the South African Competition Commission.
The second step involves acquiring 100 percent of the issued equity in Maseve by way of a scheme of arrangement for $4 million in cash and approximately $12 million in RBPlat ordinary shares. Platinum Group Metals notes that closing the second step of the transaction is subject to approval from RBPlat’s shareholders, the South African Department of Mineral Resources and Maseve’s 17.1 percent minority shareholder.