PTM to raise C$175m to progress WBJV Phase 2
JOHANNESBURG (miningweekly.com) – TSX- and NYSE-listed Platinum Group Metals (PTM) on Tuesday said it would raise C$175-million through a bought deal to partially fund the company’s portion of the Phase 2 development of the Western Bushveld Joint Venture (WBJV) Project 1 platinum mine.
The Canadian project developer entered into an agreement with a syndicate of underwriters, led by BMO Capital Markets and GMP Securities, to sell 148.5-million shares at C$1.18 apiece.
This came after PTM restructured its banking mandate and loan structure to offset Wesizwe Platinum subsidiary Africa Wide’s October decision to not fund a R213-million, or C$21.8-million, cash call for its 26% share of an approved six-month budget for Project 1.
The proceeds would partially fund ongoing exploration and engineering work on the WBJV, ongoing exploration work on the Waterberg extension project and general working capital.
The offering, subject to the necessary regulatory approvals, was expected to close December 31.
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