Canadian company Platinum Group Metals (PTM) has closed its bought deal financing deal with BMO Capital Markets.
PTM has sold roughly 8.3-million common shares to BMO at a price of $1.25 apiece for gross proceeds of about $10.4-million.
Additionally, PTM has sold 7.5-million shares to Liberty Metals & Mining Holdings at a price of $1.32 apiece for gross proceeds of $10-million; and 6.9-million shares to Deepkloof Limited, which is a subsidiary of Hosken Consolidated Investments, at $1.32 apiece for gross proceeds of about $9.2-million.
PTM used a portion of these private placements, a portion of a public offering and $20-million in debt from Sprott Private Resource Lending II to repay a secured loan facility with LMM Private Placements.
The company intends to use the remaining proceeds for working capital and general corporate purposes.
The public offering closed on Wednesday.
PTM is developing the Waterberg platinum and palladium project, in South Africa’s Bushveld Complex, in the Limpopo province, in a joint venture with various other entities.