Platinum Group Metals and HCI amend strategic investment terms
JOHANNESBURG (miningweekly.com) – TSX-listed mining company Platinum Group Metals (PTM) and South African black empowerment investment holding company Hosken Consolidated Investments (HCI) have agreed to amend the terms of a strategic investment.
PTM said on Friday that HCI had entered into an amended subscription agreement, on a private placement basis, for the purchase of 15.09-million units at a price of $0.15 per unit for gross proceeds of $2.26-million.
Each unit will consist of one common share and one common share purchase warrant, with each common share purchase warrant allowing HCI to purchase one further common share of the company at a price of $0.17 a share for a period of 18 months from the date of closing of the amended private placement.
The initial agreement, announced on May 4, involved the purchase of 16.77-million units at $0.19 each for gross proceeds of $3.19-million.
PTM also reported on Friday that Liberty Metals and Mining (LMM) had agreed to amended credit terms for an existing secured loan facility.
The company had to raise a minimum of $15-million in financings of subordinated debt, common shares and securities convertible into common shares before May 31. The first $12-million of gross proceeds from the required financing would be used to reduce indebtedness under the LMM facility.
If these conditions are satisfied, the LMM facility maturity date would be extended to October 31, 2019, a previous requirement to raise a further $20-million in subordinated debt and common shares before July 31, 2018 would be eliminated, and interest would continue to accrue and be capitalised until the maturity date.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation