TSX- and NYSE-listed Platinum Group Metals (PTM) has reported the successful close of a nonbrokered private placement of common shares to raise $2.5-million.
An aggregate 2.1-million common shares were subscribed for and issued to existing major beneficial shareholder, Hosken Consolidated Investments (HCI) through its subsidiary Deepkloof.
HCI now holds nearly 27% of PTM.
PTM intends to use the net proceeds of the private placement for its share of predevelopment costs on the Waterberg project in South Africa, and for general corporate and working capital purposes.
PTM is the operator and majority owner of the Waterberg project, a bulk underground palladium and platinum deposit in South Africa.
The Waterberg project was discovered by PTM and is being jointly developed with Impala Platinum, Mnombo Wethu Consultants, Japan Organisation for Metals and Energy Security and Hanwa.