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Platinum Group Metals Announces US$10.4 Million Bought Deal Financing, US$9.2 and US$10 Million Private Placements of Common Shares and Entry into a Payout Agreement and New US$20 Million Credit Facility
Vancouver, British Columbia--(Newsfile Corp. - August 15, 2019) - Platinum Group Metals Ltd. (...
About this update from Platinum Group Metals Ltd.
[{"type":"text","content":"Platinum Group Metals Announces US$10.4 Million Bought Deal Financing, US$9.2 and US$10 Million Private Placements of Common Shares and Entry into a Payout Agreement and New US$20 Million Credit FacilityVancouver, British Columbia--(Newsfile Corp. - August 15, 2019) - Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) (the \"Company\" or \"Platinum Group Metals\") announces that it has entered into an agreement with BMO Capital Markets (\"BMO\") under which BMO has agreed to buy on a bought deal basis in the United States 8,326,957 common shares of the Company (the \"Offered Shares\"), at a price of US$1.25 per Offered Share for gross proceeds of approximately US$10,408,696 million (the \"Public Offering\"). The Company has granted BMO an option to purchase additional common shares of the Company (the \"Option Shares\") equal to up to 15% of the aggregate number of Offered Shares to be sold in the Public Offering on the same terms and conditions. The Public Offering is being conducted pursuant to the Company's effective shelf registration statement on Form F-3 (the \"Registration Statement\") filed with the U.S. Securities and Exchange Commission (the \"SEC\"). The Registration Statement and the prospectus supplement relating to the Public Offering do not qualify in any of the provinces or territories of Canada the distribution of the Offered Shares or the Option Shares.No Offered Shares or Option Shares may be offered or sold, directly or indirectly, in Canada or to any resident in Canada.In addition, the Company has entered into a series of agreements, through which, together with the proceeds from the Public Offering, it expects to repay its secured loan facility (the \"LMM Facility\") with Liberty Metals & Mining Holdings, LLC (\"LMM\") in full, including: a new credit agreement with Sprott Private Resource Lending II (Collector), LP (\"Sprott\") and the other lenders party thereto (the \"Sprott Lenders\") pursuant to which the Sprott Lenders will provide a new senior secured credit facility to the Company (the \"New Credit Facility\"); a subscription agreement (the \"Deepkloof Subscription Agreement\") with Deepkloof Limited (\"Deepkloof\"), a subsidiary of Hosken Consolidated Investments Limited, with respect to a private placement of common shares of the Company (the \"Deepkloof Private Placement\"); a payout ...