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Platinum Group Metals to raise US$25M via bought-deal offering

Platinum Group Metals Ltd. on Jan. 23 said it signed an agreement with a syndicate of underwriters for a bought-deal offering of 17,125,000 common Platinum shares at US$1.46 apiece to raise about US$25 million.

The underwriters, led by BMO Capital Markets, were also granted an overallotment option, allowing them to purchase an additional 15% of the offering for a 30-day period from the offering's closing for market stabilization.

The company expects to close the offering by Jan. 31, subject to conditions.

Platinum Group Metals will use the proceeds for underground development and production ramp-up of the Maseve platinum mine in South Africa, working capital and general corporate purposes.