HCI buys 10% stake in PTM
JOHANNESBURG (miningweekly.com) – South African black empowerment investment holding company Hosken Consolidated Investments (HCI), will, through a subsidiary, acquire a 10% interest in TSX-listed Platinum Group Metals (PTM).
HCI has entered into a subscription agreement with PTM, on a private placement basis, for the purchase of 16.77-million units at a price of $0.19 a unit for gross proceeds of $3.19-million.
Each unit will comprise one common share and one-half common share purchase warrant, with each full common share purchase warrant allowing HCI to buy one further common share of PTM at a price of $0.24 a share for a period of three years from the date of closing of the private placement.
HCI CEO John Anthony Copelyn has been nominated as a director of PTM.
PTM intends to use the net proceeds of the private placement for the repayment of debt due to Liberty Metals & Mining Holdings and, as permitted, for general corporate and working capital purposes.
This follows PTM’s proposed underwritten public offering of units, with each unit entitling the holder to acquire, for no additional consideration, one common share of PTM and one-half of one common share purchase warrant of the company.
Each whole warrant will entitle the holder thereof to purchase one common share at a price and for a term to be determined in the context of marketing for the offering.
In addition, PTM intends to grant the underwriters an option to buy additional units, common shares or warrants, or any combination thereof, equal to up to 15% of the aggregate number of such securities to be sold in the offering on the same terms and conditions.
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