PTM to buy, cancel $20m convertible notes
TSX- and NYSE-listed platinum group metals miner Platinum Group Metals (PTM) has entered into privately-negotiated agreements with the beneficial owners of $20-million of convertible senior subordinated notes due July 1, which it plans to buy and cancel.
The notes were originally sold to institutional investors on June 30, 2017.
PTM will issue the holders, on a private placement basis, an aggregate of 11.79-million common shares in the company in consideration for the principal outstanding balance of the notes to the value of about $1.69 apiece.
In addition, PTM will pay accrued and unpaid interest on the notes in cash.
Of the notes to be bought, $12-million will be bought from an affiliate of Kopernik Global Investors and $8-million from affiliates of Franklin Templeton Investments.
After the purchase and cancellation of the notes, and as of January 20, PTM's debt is reduced to $3-million.
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