TSX- and NYSE-listed Platinum Group Metals (PTM) intends to sell up to three-million common shares at $1.33 apiece for gross proceeds of up to $4-million.
The company intends to use the proceeds for its share of the remaining costs to complete a definitive feasibility study (DFS) on the Waterberg palladium and platinum project, in South Africa, and for working capital purposes.
The Waterberg project is a bulk mineable underground palladium deposit.
The project is a joint venture between PTM, the Japan Oil, Gas & Metals National Corporation, Mnombo Wethu Consultants and Impala Platinum.