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Platinum Group Metals Completes Step One for US$58M Maseve Mine Sale
Feb. 14, 2018 09:51AM PST
Precious MetalsPlatinum Group Metals (TSX:PTM) (NYSE American:PLG) (“Platinum Group” “PTM” or the “Company”) reports that all remaining conditions precedent to the sale of the Maseve concentrator plant and certain surface rights (“Step One”) to Royal Bafokeng Platinum (“RBPlat”) have been fulfilled. The Company and RBPlat executed definitive sale and purchase agreements on November 23, 2017 in a transaction valued …
Platinum Group Metals (TSX:PTM) (NYSE American:PLG) (“Platinum Group” “PTM” or the “Company”) reports that all remaining conditions precedent to the sale of the Maseve concentrator plant and certain surface rights (“Step One”) to Royal Bafokeng Platinum (“RBPlat”) have been fulfilled.
The Company and RBPlat executed definitive sale and purchase agreements on November 23, 2017 in a transaction valued at approximately US$74 million (the “Maseve Sale Transaction”)1. Step One may now proceed, with payment of US$58 million in cash to Maseve to occur coincident with the registration of the applicable surface rights to a wholly owned subsidiary of RBPlat’s at the South African deeds office, a process that normally takes approximately four weeks.
RBPlat is next (“Step Two”) to acquire 100% of the shares in Maseve Investments 11 (Pty) Limited (“Maseve”), the holding company of the Maseve Mine, and all shareholder loans owed by Maseve for an aggregate consideration equal to US$16 million.