Dual-listed Platinum Group Metals (PTM) has closed a previously announced nonbrokered private placement of common shares at a price of $1.40 each, with an aggregate of 1.22-million common shares subscribed for and issued, resulting in gross proceeds of $1.71-million.
Hosken Consolidated Investments (HCI), an existing major shareholder of the company, subscribed for 500 000 common shares through its Deepkloof subsidiary.
The company intends to use the net proceeds of the private placement for its share of costs on the Waterberg project, a bulk underground palladium, platinum, gold and rhodium deposit in South Africa, and for general corporate and working capital purposes.