Platinum Group Metals, a mining company focused on the production of platinum and palladium, has closed its public offering of common shares (the Offering).
Pursuant to the Offering, the Company has issued 15,390,000 common shares (the "Shares") at a price of US$1.30 per Share, for aggregate gross proceeds of US$20,007,000.
BMO Capital Markets acted as the sole underwriter for the Offering.
The net proceeds of the Offering will be used for (i) underground development and production ramp-up of the Maseve Mine; (ii) working capital during start-up; (iii) repayment of the remaining US$2.5 million outstanding amount of a prior advance under the Company's credit agreement with a syndicate of lenders led by Sprott Resource Lending Partnership; and (iv) general corporate purposes.
The Offering was made pursuant to an effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission (the "SEC") and a corresponding Canadian base shelf prospectus filed with the securities regulatory authority in each of the provinces of Canada, except Quebec.
A prospectus supplement relating to the Offering was filed with the SEC and with the securities regulatory authority in each of the provinces of Canada, except Quebec.