JOHANNESBURG (miningweekly.com) – Platinum Group Metals (PTM) has concluded the sale of its equity in Maseve Investments, the holding company of the Maseve mine, to Royal Bafokeng Platinum (RBPlat).
The aggregate consideration for the sale comprised 4.871-million RBPlat common shares, which have been delivered, and the agreement to the release of an environmental bond posted by the company, currently worth about $4.7-million, following RBPlat’s replacement of the environmental bond for Maseve.
Of the common shares issued in connection with the sale of Maseve, 347 056 were delivered in trust for a minority shareholder of Maseve.
Vancouver-headquartered PTM intends to use the net proceeds from the transaction, which may take several months to be fully realised into cash, to reduce its debt.