Platinum Group Metals Ltd. completes non-brokered private placement and fully repays credit facility

1 minute read
11 February 2022

On February 11, 2022, Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) ("Platinum Group") closed a non-brokered private placement of 3,539,823 common shares that were subscribed for and issued to existing major beneficial shareholder, Hosken Consolidated Investments Limited, resulting in gross proceeds of US$6 million. 

Platinum Group used a portion of the net proceeds of the private placement to pay all accrued interest and repay the US$3 million principal balance with Sprott Private Resource Lending and other lending parties. As a result of this repayment, Platinum Group became debt-free. 
Platinum Group is the operator of the Waterberg Project, a bulk underground palladium and platinum deposit located in South Africa.
Gowling WLG advised Platinum Group with respect to these matters with a team led by Daniel Allen and that included Brett Kagetsu, Jill Dunn, Raymond Ong and Ethan Chang (corporate) and Brent Kerr (tax).

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