JOHANNESBURG (miningweekly.com) – TSX-listed Platinum Group Metals (PTM) has closed the issuing of 117.45-million units at a price of $0.15 a unit for gross proceeds of about $17.62-million.
Each unit comprises one common share and one common share purchase warrant of PTM.
Each warrant will entitle the holder thereof to buy one common share at a price of $0.17 for a term of 18 months from the date of closing of the offering.
The net proceeds of the offering, before expenses, of about $16.56-million, will be used towards the repayment of a loan facility and production payment termination fees owed to Liberty Metals & Mining Holdings and for general corporate and working capital purposes.