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PTM closes $113.8m public offering

PTM closes $113.8m public offering

Photo by Duane Daws

31st December 2014

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – South Africa-focused project developer Platinum Group Metals (PTM) on Wednesday announced that it had successfully closed a $113.84-million public offering.

The Vancouver-based firm had issued 214.8-million shares at a price of $0.53 each, including 7.2-million shares issued under an over-allotment option.

BMO Capital Markets and GMP Securities acted as the underwriters and agreed to buy the shares on a bought deal basis.

PTM said it would use the net proceeds of the offering to fund Phase 2 development at the Western Bushveld Joint Venture (WBJV) Project 1 platinum mine, near Rustenburg, in the North West.

The company said the funds should be enough to fully fund the completion of mill and concentrator construction at the WBJV Project 1 platinum mine.

PTM last month reported the project as being 64% complete, with first production planned for the fourth quarter of 2015.

Edited by Creamer Media Reporter

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