Platinum Group Metals Ltd., Vancouver, British Columbia and Johannesburg, South Africa, (TSX: PTM) (NYSE American: PLG) reports closing of a non-brokered private placement of common shares at price of US$2.23 per common share as previously announced by the Company on December 1, 2020. An aggregate of 1,121,076 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$2,499,999.48 (the “Private Placement”). Closing of the Private Placement allows HCI to maintain the greater than 31% interest in the Company that they held prior to the at-the-market offering completed by the Company on December 1, 2020.
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, partial debt repayment and 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.
About Platinum Group Metals Ltd. and Waterberg Project
Platinum Group Metals Ltd. is the operator and majority owner of the Waterberg Project, a bulk underground palladium, platinum, gold and rhodium deposit located in South Africa. An Independent Definitive Feasibility Study for the Waterberg Project was approved by Waterberg JV Resources Pty Ltd. (“Waterberg JV Co.”), the project joint venture company, on December 5, 2019.
The Waterberg Project was discovered by Platinum Group and is being jointly advanced with the shareholders of Waterberg JV Co., being Platinum Group, Impala Platinum Holdings Ltd. (“Implats”), Japan Oil, Gas and Metals National Corporation, Hanwa Co. Ltd. and Mnombo Wethu Consultants (Pty) Ltd. (“Mnombo”).
In 2019 the Company founded Lion Battery Technologies Inc. in partnership with Anglo American Platinum Limited to support the use of palladium and platinum in lithium battery applications. Lion Battery has advanced past its first technical milestone in battery cell performance and has received its first Patent in the USA.