PTM amends LMM loan facility
JOHANNESBURG (miningweekly.com) – Liberty Metals and Mining (LMM) and Platinum Group Metals (PTM) have agreed to amended credit terms for an existing secured loan facility.
The amended terms include an agreement that PTM must raise a minimum of $20-million in subordinated debt and/or equity before May 15.
In addition, provided that the company applies the first $20-million of net proceeds from the first required financing to reduce indebtedness under the LMM facility before May 15, PTM is not otherwise in default under the LMM facility should a previously required second financing to raise a further $20-million in subordinated debt and/or equity before July 31 be eliminated.
The LMM facility maturity date will be extended to June 30, 2019, from the previous date of September 30, 2018, and interest will continue to accrue until the maturity date.
Further, PTM may elect to make further repayments toward the LMM facility if the first required financing exceeds the minimum requirement.
LMM will continue to be entitled to 50% of the proceeds from future equity offerings of the company greater than $500 000, and will also be entitled to 50% of the proceeds upon exercise of any warrants or other convertible securities issued by PTM.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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