TORONTO (miningweekly.com) – Canadian project developer Platinum Group Metals (PTM) has closed a public offering of common shares to raise $33-million.
The Vancouver-based company had issued 11-million common shares at $3 each.
PTM advised that it would use the net proceeds for underground development and the ramp-up of production at the Maseve platinum mine, located in South Africa’s platinum-rich North West province, and for working capital purposes.
The Maseve operation was expected to produce 110 000 4E ounces, containing platinum, palladium, rhodium and gold to the end of April 2017.
BMO Capital Markets, RBC Dominion Securities and Macquarie Capital Markets Canada acted as the underwriters and agreed to buy the shares on a bought-deal basis.