Platinum Group Metals (TSX:PTM) (NYSE American:PLG) (“Platinum Group” “PTM” or the “Company”) reports that on January 16, 2018, the South African Competition Tribunal approved the transaction announced earlier whereby Royal Bafokeng Platinum (“RBPlat”) will acquire a 100% equity interest in Maseve Investments (“Maseve”). The approval is subject to certain conditions, agreed to by RBPlats, focused on jobs in the transition of ownership. Competition Tribunal approval is a key step forward in the planned transaction.
The Company and RBPlat executed definitive agreements on November 23, 2017 to sell all of the rights and interests in Maseve in a transaction valued at approximately US$74.0 million (the “Maseve Sale Transaction”).
RBPlat is to first acquire the concentrator plant and certain surface assets of the Maseve Mine for payment of US$58 million in cash to Maseve, conditional on certain approvals and conditions precedent. Step 1 is expected to close in February 2018. RBPlat is next to acquire 100% of the shares in Maseve and all shareholder loans owed by Maseve for an aggregate consideration equal to US$16.0 million.