The South African Competition Tribunal has approved the sale of TSX-listed Platinum Group Metals’ (PTM’s) Maseve Investment to Royal Bafokeng Platinum (RBPlat).
The first step of the $74-million deal is under way and will see RBPlat pay an initial $58-million in cash to acquire the concentrator plant and certain surface assets of the Maseve mine.
RBPlat paid a $3-million deposit in escrow in October.
The second step to acquire 100% of Maseve by way of a scheme of arrangement for $4-million in cash and about $12-million in RBPlat ordinary shares is subject to certain requirements, including approval by the Department of Mineral Resources and Maseve’s 17.1% minority shareholder.