TSX- and NYSE-listed Platinum Group Metals (PTM) plans to undertake a private placement to raise $2-million, through the sale of about 1.4-million shares at $1.40 apiece.
An existing major shareholder of the company, Hosken Consolidated Investments, is expected to participate in the private placement.
PTM will use the net proceeds of the private placement to cover its share of costs on the Waterberg project, in South Africa’s Bushveld Complex, and for general working capital purposes.
PTM is the operator of the Waterberg project, which is a joint venture with Impala Platinum; Japan Oil, Gas and Metals National Corporation; Hanwa; and Mnombo Wethu Consultants.