Business
Platinum Group Metals Completes Non-Brokered Private Placement
Vancouver, British Columbia and Johannesburg, South Africa--(Newsfile Corp. - September 18, 2023) - Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) (
About this update from Platinum Group Metals Ltd.
[{"type":"text","content":" Vancouver, British Columbia and Johannesburg, South Africa--(Newsfile Corp. - September 18, 2023) - Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) (\"Platinum Group\" or the \"Company\") reports the closing on September 18, 2023 of a non-brokered private placement of common shares at a price of US$1.18 per common share as previously announced on September 8, 2023. An aggregate of 2,118,645 common shares were subscribed for and issued to existing major beneficial shareholder, Hosken Consolidated Investments Limited (\"HCI\") through its subsidiary Deepkloof Limited, resulting in gross proceeds to the Company of US$2,500,001.10 (the \"Private Placement\"). Closing of the Private Placement allows HCI to return to a near 27% interest in the Company. The Company intends to use the net proceeds of the Private Placement for its share of pre-development costs on the Waterberg Project in South Africa, and for general corporate and working capital purposes. Securities purchased pursuant to the Private Placement may not be traded for a period of four months plus one day from the closing of the Private Placement. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933 (the \"Act\"), as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of such Act. HCI is a \"related party\" of the Company (as defined by Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (\"MI 61-101\")) and the Company intends to rely on the exemptions from both the formal valuation requirement and the minority shareholder approval requirement under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, on the basis that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves HCI, exceeds 25 per cent of the Company's market capitalization calculated in accordance with MI 61-101. The Company did not file a material change report more than 21 days before the expected closing date of the above transaction as it has negotiated the above transaction on an expedited basis. About Platinum Group Metals Ltd. and Waterb...