Business
Platinum Group Metals Announces Share Consolidation
VANCOUVER, British Columbia and JOHANNESBURG, South Africa, Nov. 20, 2018 (GLOBE NEWSWIRE) -- Platinum Group Metals Ltd. (PTM-TSX; PLG-NYSE American) (“Platinum
About this update from Platinum Group Metals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia and JOHANNESBURG, South Africa, Nov. 20, 2018 (GLOBE NEWSWIRE) -- Platinum Group Metals Ltd. (PTM-TSX; PLG-NYSE American) (“Platinum Group” or the “Company”) today announced a consolidation of its common shares on the basis of one new share for ten old shares (1:10), effective at 9:00 a.m. (New York time) on December 13, 2018 (the “Effective Time”). The Company’s consolidated common shares are expected to begin trading on the Toronto Stock Exchange (“TSX”) and NYSE American when the markets open on December 17, 2018. The purpose of the consolidation is to increase the Company’s common share price to be in compliance with the NYSE American’s low selling price requirement. Shareholder feedback has been that the Company should maintain its listing on the NYSE American. Details Each ten (10) common shares issued and outstanding at the Effective Time will be consolidated into one common share. The share consolidation will affect all of the Company’s common shares outstanding at the Effective Time. As a result of the share consolidation, the number of issued and outstanding common shares will be reduced from 291,259,110 to 29,125,911 (subject to fractional treatment). Each shareholder’s percentage ownership in the Company and proportional voting power remained unchanged after the share consolidation, except for minor changes and adjustments resulting from the treatment of fractional shares. The new CUSIP number for the post-consolidation common shares will be 72765Q882 and the new ISIN number will be CA72765Q8829. No fractional shares will be issued as a result of the share consolidation. Fractional interests of 0.5 or greater will be rounded up to the nearest whole number of shares and fractional interests of less than 0.5 will be rounded down to the nearest whole number of shares, in accordance with the Business Corporations Act (British Columbia). Registered shareholders of the Company will receive a letter of transmittal from the Company's transfer agent, Computershare Investor Services Inc., as soon as practicable after the effective date of the share consolidation. The letter of transmittal will enable registered shareholders to exchange their old share certificates representing pre-consolidation common shares for post-consolidation common shares.  ...