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PTM closes private placement deal with Hosken, raises $2.5m

9th December 2020

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

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TSX- and NYSE-listed Platinum Group Metas (PTM) has closed a non-brokered private placement of common shares with Hosken Consolidated Investments (HCI), through its subsidiary Deepkloof Limited, resulting in gross proceeds of just under $2.5-million.

The private placement allows HCI to maintain the greater than 31% interest in PTM it held prior to the at-the-market offering completed by the company on December 1.

PTM intends to use the net proceeds of the private placement for its share of pre-development costs on the Waterberg project in South Africa, as well as for partial debt repayment and general corporate and working capital purposes.

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Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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