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    market news

    Platinum Group Metals Announces US$20 Million Bought Deal Financing

    Melissa Shaw
    Apr. 18, 2017 11:58AM PST
    Precious Metals

    Platinum Group Metals Ltd., (TSX:PTM)(NYSE MKT:PLG) (the “Company” or “Platinum Group Metals”) has announced today that it has entered into an agreement with BMO Capital Markets (“BMO”) under which BMO has agreed to buy on a bought deal basis 15,390,000 common shares of the Company (the “Common Shares”), at a price of US$1.30 per Common …

    Platinum Group Metals Ltd., (TSX:PTM)(NYSE MKT:PLG) (the “Company” or “Platinum Group Metals”) has announced today that it has entered into an agreement with BMO Capital Markets (“BMO”) under which BMO has agreed to buy on a bought deal basis 15,390,000 common shares of the Company (the “Common Shares”), at a price of US$1.30 per Common Share for gross proceeds of approximately US$20 million (the “Offering”). The Company has granted BMO an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any, and for market stabilization purposes. The Offering is expected to close on or about April 26, 2017 and is subject to customary closing conditions including, but not limited to, Toronto Stock Exchange and NYSE MKT approvals.
    As quoted in the news release:

    The Company intends to use the net proceeds of the Offering (i) for underground development and production ramp-up of the Maseve Mine; (ii) for working capital during start-up; (iii) for repayment of the US$2.5 million outstanding amount of a prior advance under the Company’s credit agreement with a syndicate of lenders led by Sprott Resource Lending Partnership; and (iv) for general corporate purposes.

    Click here to read the full announcement. 

    tsx:ptmmarket newsmaseve minenet proceedsbmo capital marketsplatinum group metals
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