Photo by: Duane Daws
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.