Anything going on over here? Had my eyes on this about a year ago and been checking up once in awhile. Very dead board here, was pretty surprised nothings going on, especially given the recent $110 million investment by BMO Capital. How is nobody talking about this? It's even trading at a discount to what they paid for it ($0.53).
Long story short, DD looks good, great recent news events, exploration on track and phase 2 about to begin. All signs point to yes and I will be picking up a big starter chunk down at these levels.
Platinum Group Metals Announces US$110 Million Bought Deal FinancingFont
4:25 PM ET 12/9/14 | Marketwired
Platinum Group Metals Ltd., (TSX: PTM)(NYSE MKT: PLG) (the "Company" or "Platinum Group Metals") has announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and GMP Securities L.P. under which the underwriters have agreed to buy on a bought deal basis 207,600,000 common shares (the "Common Shares"), at a price of US$0.53 per Common Share for gross proceeds of US$110,028,000 (the "Offering"). The Company has granted the Underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The Offering is expected to close on or about December 31, 2014 and is subject to Platinum Group Metals receiving all necessary regulatory approvals.
The net proceeds of the Offering will be used to fund Phase 2 development at the WBJV Project 1 platinum mine. The net proceeds of the Offering, together with the Company's unrestricted cash on hand, is expected to be sufficient to fully fund the completion of mill and concentrator construction at the WBJV Project 1 platinum mine. Together with the previously announced Project 1 Senior Secured Operating Facility, the Company believes it has sufficient funds to complete "peak funding" needs at Project 1, to fund continued exploration of the Waterberg Projects and provide for ongoing working capital.
The Common Shares will be offered by way of a short-form prospectus in all of the provinces of Canada, excluding Quebec, and will be offered in the United States pursuant to a registration statement filed under the Canada/U.S. multi-jurisdictional disclosure system, and on a private placement basis in certain jurisdictions outside Canada and the United States pursuant to applicable prospectus exemptions. A registration statement relating to these securities has been filed with the United States Securities and Exchange Commission but has not yet become effective. The securities may not be sold nor may offers to buy be accepted in the United States prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
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