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Platinum Group Metals: South African Competition Tribunal Approves Maseve Mine Sale Transaction
VANCOUVER, British Columbia and JOHANNESBURG, South Africa, Jan. 16, 2018 (GLOBE NEWSWIRE) -- Platinum Group Metals Ltd. (TSX:PTM) (NYSE American:PLG) (“Platinu
About this update from Platinum Group Metals Ltd.
[{"type":"text","content":"VANCOUVER, British Columbia and JOHANNESBURG, South Africa, Jan. 16, 2018 (GLOBE NEWSWIRE) -- Platinum Group Metals Ltd. (TSX:PTM) (NYSE American:PLG) (“Platinum Group” “PTM” or the “Company”) reports that on January 16, 2018, the South African Competition Tribunal approved the transaction announced earlier whereby Royal Bafokeng Platinum Limited (“RBPlat”) will acquire a 100% equity interest in Maseve Investments 11 (Pty) Ltd. (“Maseve”). The approval is subject to certain conditions, agreed to by RBPlats, focused on jobs in the transition of ownership. Competition Tribunal approval is a key step forward in the planned transaction. The Company and RBPlat executed definitive agreements on November 23, 2017 to sell all of the rights and interests in Maseve in a transaction valued at approximately US$74.0 million (the “Maseve Sale Transaction”)1. RBPlat is to first acquire the concentrator plant and certain surface assets of the Maseve Mine for payment of US$58 million in cash to Maseve (“Step 1”), conditional on certain approvals and conditions precedent. Step 1 is expected to close in February 2018. RBPlat is next (“Step 2”) to acquire 100% of the shares in Maseve and all shareholder loans owed by Maseve for an aggregate consideration equal to US$16.0 million. The parties continue to work together in fulfilment of the remaining conditions precedent. Step 2 of the transaction will require the approval of the Department of Mineral Resources and other conditions precedent, which are expected to be completed in mid-2018. PTM’s proceeds from the Maseve Sale Transaction are to be used to repay the Company’s secured lenders. About Platinum Group Metals Ltd. Platinum Group is focused on, and is the operator of, the Waterberg Project, a bulk mineable underground deposit in northern South Africa. Waterberg was discovered by the Company. Waterberg has potential to be a low cost dominantly palladium mine and Impala Platinum recently made a strategic investment in the Waterberg Project. “R. Michael Jones” On behalf of the Board of Platinum Group Metals Ltd. 1 For more details please refer to the Financial Statements and Management’s Discussion and Analysis for the three months ended November 30, 2017, the Company’s Annual Report on Form 20-F and the Company’s Annual Information...