TSX- and NYSE-listed Platinum Group Metals (PTM) has raised $6-million in a nonbrokered private placement of about 3.5-million shares through an existing major beneficial shareholder Hosken Consolidated Investments.
The company has used some of the proceeds to repay a $3-million senior secured facility it had with Sprott Private Resource Lending II and other lenders party thereto, which made the company debt-free.
The balance of the proceeds will be used for general corporate and working capital purposes.
PTM is the operator of the Waterberg project, based in the Bushveld Complex of South Africa. The project is being jointly developed by PTM; Impala Platinum; Mnombo Wethu Consultants; Japan Oil, Gas and Metals National Corporation; and Hanwa.