Platinum Group Metals Announces C$175 Million Bought Deal Financing
09 Dicembre 2013 - 9:46PM
Marketwired
Platinum Group Metals Announces C$175 Million Bought Deal Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 9, 2013) -
Platinum Group Metals Ltd. (TSX:PTM)(NYSEMKT: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 148,500,000
common shares (the "Common Shares"), at a price of C$1.18 per
Common Share for gross proceeds of C$175,230,000 (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, 2013 and is subject to Platinum Group
Metals receiving all necessary regulatory approvals.
The net proceeds of the Offering will be used to partially fund
Phase 2 development at the WBJV Project 1 platinum mine, to fund
the Company's portion of ongoing exploration and engineering work
on the Waterberg joint venture project, to fund the Company's
portion of ongoing exploration work on the Waterberg extension
project and for general working capital purposes.
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.
A written prospectus relating to the offering may be obtained
upon request in Canada by contacting BMO Capital Markets,
Mississauga Distribution Centre C/O The Data Group of Companies, 80
Ambassador Drive, Mississauga, Ontario, L5T 2Y9 by telephone at
905-696-8884
x4166 or by email at
EgNegro@datagroup.ca, and in the United States by contacting BMO
Capital Markets Corp., Attn: Equity Syndicate Department, 3 Times
Square, New York, NY 10036, or by telephone at (800) 414-3627 or by
email at bmoprospectus@bmo.com.
About Platinum Group Metals Ltd.
Platinum Group is based in Johannesburg, South Africa and
Vancouver, Canada. The Company's business is currently focused on
the construction of the Project 1 platinum mine and the exploration
and initial engineering on the newly discovered Waterberg platinum
deposit, where the Company is the operator of the Waterberg JV
Project with JOGMEC and Mnombo. The Company has also expanded its
exploration northward to the Waterberg Extension Project.
The Toronto Stock Exchange and the NYSEMKT LLC have not
reviewed and do not accept responsibility for the accuracy or
adequacy of this news release, which has been prepared by
management.
This press release contains forward-looking information
within the meaning of Canadian securities laws and forward-looking
statements within the meaning of U.S. securities laws
("forward-looking statements"). Forward-looking statements are
typically identified by words such as: believe, expect, anticipate,
intend, estimate, plans, postulate and similar expressions, or are
those, which, by their nature, refer to future events. All
statements that are not statements of historical fact are
forward-looking statements. Forward-looking statements in this
press release include, without limitation, statements regarding the
conduct completion and use of proceeds of the bought deal financing
and the Company's business plans. Although the Company believes the
forward-looking statements in this press release are reasonable, it
can give no assurance that the expectations and assumptions in such
statements will prove to be correct. The Company cautions investors
that any forward-looking statements by the Company are not
guarantees of future results or performance, and that actual
results may differ materially from those in forward looking
statements as a result of various factors, including, but not
limited to, variations in market conditions; the nature, quality
and quantity of any mineral deposits that may be located; metal
prices; other prices and costs; currency exchange rates; the
Company's ability to obtain any necessary permits, consents or
authorizations required for its activities; the Company's ability
to access further funding and produce minerals from its properties
successfully or profitably, to continue its projected growth, or to
be fully able to implement its business strategies and other risk
factors described in the Company's Form 40-F annual report, annual
information form and other filings with the SEC and Canadian
securities regulators, which may be viewed at www.sec.gov and
www.sedar.com, respectively.
Platinum Group Metals Ltd.R. Michael JonesPresident(604)
899-5450 or Toll Free: (866) 899-5450Platinum Group Metals Ltd.Kris
BegicVP, Corporate Development(604) 899-5450 or Toll Free: (866)
899-5450
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