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Platinum Group Metals Ltd. Announces Non-Brokered Private Placement
Vancouver, British Columbia and Johannesburg, South Africa--(Newsfile Corp. - May 12, 2025) - Pl...
About this update from Platinum Group Metals Ltd.
[{"type":"text","content":"Platinum Group Metals Ltd. Announces Non-Brokered Private PlacementVancouver, British Columbia and Johannesburg, South Africa--(Newsfile Corp. - May 12, 2025) - Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) (\"Platinum Group\" or the \"Company\") reports that it intends, subject to regulatory approval, to sell 800,000 common shares of the Company at price of US$1.26 each for gross proceeds of US$1,008,000 (the \"Private Placement\") to existing major beneficial shareholder, Hosken Consolidated Investments Limited (\"HCI\"). The Company intends to use the net proceeds of the Private Placement for its share of pre-construction site work, engineering and preparation costs on the Waterberg Project in South Africa, and for general corporate and working capital purposes. Closing of the Private Placement is subject to customary closing conditions, including stock exchange approvals and completion of the definitive agreement. Pricing of the Private Placement represents a 3.1% premium to the five-day volume weighted average trading price of the Company's shares on the NYSE American stock exchange as of May 9, 2025. The Private Placement will allow HCI to return to a 26% interest in the Company. 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 6...