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Platinum Group Metals Closes US$10.4 Million Bought Deal Financing, US$9.2 and US$10 Million Private Placement Financings, Establishes a US$ 20 Million 2-3 Year Credit Facility and Repays Existing US$43 Million Credit Facility
Vancouver, British Columbia--(Newsfile Corp. - August 21, 2019) - Platinum Group Metals Ltd. (...
About this update from Platinum Group Metals Ltd.
[{"type":"text","content":"Platinum Group Metals Closes US$10.4 Million Bought Deal Financing, US$9.2 and US$10 Million Private Placement Financings, Establishes a US$ 20 Million 2-3 Year Credit Facility and Repays Existing US$43 Million Credit FacilityVancouver, British Columbia--(Newsfile Corp. - August 21, 2019) - Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) (the \"Company\" or \"Platinum Group Metals\") announces the closing of its previously announced bought deal financing with BMO Capital Markets in the United States, under which the Company sold 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$10.4 million (the \"Public Offering\"). In addition, the Company closed the sale of 7,575,758 common shares of the Company to Liberty Metals & Mining Holdings, LLC (\"LMM\") at a price of US$1.32 per share for gross proceeds of US$10.0 million (the \"LMM Private Placement\") and the sale of 6,940,000 common shares of the Company to Deepkloof Limited, a subsidiary of Hosken Consolidated Investments Limited at a price of US$1.32 per share for gross proceeds of approximately US$9.2 million (the \"Deepkloof Private Placement\" and, together with the LMM Private Placement, the \"Private Placements\").The Company used a portion of the proceeds of the Public Offering and the Private Placements, together with a US$20.0 million advance under its new credit agreement with Sprott Private Resource Lending II (Collector), LP, and the other lenders party thereto, to repay its secured loan facility with LMM in full. The Company intends to use the remaining net proceeds for working capital and general corporate purposes.For the purposes of approval by the Toronto Stock Exchange (the \"TSX\"), the Company has relied on the exemption in Section 602.1 of the TSX Company Manual, which provides that the TSX will not apply its standards to certain transactions involving eligible interlisted issuers on a recognized exchange, such as the NYSE American.The Public Offering was conducted pursuant to the Company's effective shelf registration statement on Form F-3 filed with the U.S. Securities and Exchange Commission. A copy of the prospectus supplement and base shelf prospectus relating to the Public Offering in the United States may be obtained by calling toll-free 1-800-41...