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Platinum Group Metals raising US$17.1M; amends loan facility terms

Platinum Group Metals Ltd. said May 11 that it entered an agreement with a syndicate of underwriters for a marketed offering targeting gross proceeds of US$17.1 million.

The offering will comprise 114 million units at 15 cents apiece, with each unit entitling the holder to acquire one common share and one warrant, exercisable at 17 cents per share for 18 months from closing.

The company also granted the underwriters a 15% overallotment option, exercisable for 30 days after closing, which is anticipated on or about May 15 subject to customary conditions.

Platinum Group Metals will use the proceeds to repay debt and production payment termination fees due to Liberty Metals & Mining Holdings LLC, as well as for general corporate and working capital purposes.

In a separate, same-day statement, Platinum Group Metals outlined amended credit terms for an existing secured loan facility with Liberty Metals & Mining Holdings LLC. The company must now raise at least US$15 million by May 31 and apply the first US$12 million of gross proceeds to reduce the facility before May 31.

Previously, Platinum Group Metals was required to raise US$20 million before May 15 and apply the same amount to the facility by that date.

In addition, the company amended the terms of a private placement with Hosken Consolidated Investments Ltd., which will now purchase 15,090,999 units of the company at 15 cents apiece for gross proceeds of US$2.3 million.

The units have the same terms as the marketed offering, with closing anticipated immediately prior to that of the offering. Hosken Consolidated can terminate the deal if closing does not occur by May 18, if the public offering is terminated, or if the public offering raises less than US$17.1 million in gross proceeds.

The company's main asset is an interest in the feasibility-stage Waterberg platinum group metals-copper-nickel project in South Africa. In March, Platinum Group Metals reported that a Japanese trading firm was set to acquire a 9.76% stake in the project.