Hosken buys more shares in PTM to retain 26% stake
TSX-listed Platinum Group Metals (PTM) plans to sell 3.5-million common shares at $1.69 each to its existing major shareholder Hosken Consolidated Investments, to raise $6-milion.
PTM will use the proceeds to repay $3-million in senior secured debt it has with Sprott Private Resource Lending II and other lenders party to Sprott, as well as for working capital purposes.
The private placement allows Hosken to return to a near 26% interest in the company, after PTM on January 20 executed privately negotiated agreements with the beneficial owners of $20-million of PTM’s six convertible senior subordinated notes due in July.
PTM bought and cancelled the notes through the issue of nearly 12-million common shares of the company.
PTM will be debt-free for the first time since 2015 and will be positioned to advance its objectives for its majority-owned Waterberg palladium project in the Bushveld Complex.
The company, as the operator of the project alongside other joint venture partners, is aiming for first ore production in April 2023.
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