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.