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Platinum Group Metals Executes Binding Legal Agreements for Sale of Maseve Mine
Nov. 23, 2017 08:55AM PST
Precious MetalsPlatinum Group Metals (TSX:PTM) (NYSE American:PLG) (“Platinum Group” “PTM” or the “Company”) announces the completion of due diligence and the execution of binding legal agreements to sell Maseve Investments 11 Proprietary Limited (“Maseve”) to Royal Bafokeng Platinum (“RBPlat”) in a transaction valued at approximately US$74.0 million, payable as to US$62.0 million in cash and US$12.0 million in RBPlat common shares. The Company first …
Platinum Group Metals (TSX:PTM) (NYSE American:PLG) (“Platinum Group” “PTM” or the “Company”) announces the completion of due diligence and the execution of binding legal agreements to sell Maseve Investments 11 Proprietary Limited (“Maseve”) to Royal Bafokeng Platinum (“RBPlat”) in a transaction valued at approximately US$74.0 million, payable as to US$62.0 million in cash and US$12.0 million in RBPlat common shares.
The Company first reported the details of this transaction in a news release dated September 6, 2017. The proceeds of the Maseve sale will be used to pay down a substantial portion of the Company’s debt.
RBPlat is to pay Maseve an initial US$58.0 million in cash to acquire the concentrator plant and certain surface assets of the Maseve Mine. A deposit in escrow was paid by RBPlat in the amount of ZAR 41,367,300 (US$3.0 Millionequivalent) on October 9, 2017.