Platinum Group Metals closes US $28.75M bought deal

Ted Liu

Platinum Group Metals Ltd. (TSX: PTM; NYSE MKT: PLG) has closed its public offering of 19,693,750 common shares, including the full exercise of the over-allotment option, at a price of US $1.46 per share for gross proceeds of US $28,752,875.

A syndicate led by BMO Nesbitt Burns Inc., which also included Macquarie Capital Markets Canada Ltd., acted as the underwriters for the offering.

Gowling WLG (Canada) LLP, Dorsey & Whitney LLP acted as legal counsel for Platinum Group Metals while Blake, Cassels & Graydon LLP and Skadden, Arps, Slate, Meagher & Flom LLP acted on behalf of the underwriters.

Net proceeds will be used for underground development and production ramp-up of the Maseve Mine, working capital during start-up, and general corporate purposes.

photo credit: Platinum Group Metals