UPDATE: Platinum Group Closes Offering of 225 Million Shares; Down More than 2%
Platinum Group Metals Ltd. (PTM.TO) has closed the public offering of common shares. Pursuant to the offering, the company issued 225 million common shares at a price of C$0.80 per common share, for aggregate gross proceeds of C$180 million.
The company intends to use the net proceeds from the offering to partially fund its 74% share of Phase 2 development costs at the WBJV Project 1 platinum mine, its 63% obligation towards ongoing exploration and engineering work on the Waterberg project and for general working capital purposes.
PTM has fallen by more than 2% to 81 cents, trading closer to year low 74 cents.
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