Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Platinum Group Metals Ltd. (PTM) to purchase and cancel US $20 Million convertible notes
  • This is slated to be due by July 1 of this year under which it will purchase and cancel the notes
  • The notes were originally sold to institutional investors on June 30, 2017
  • It will issue to the holders, on a private placement basis, an aggregate of 11,793,509 common shares
  • As of today’s date, its debt would be reduced to US $3.0 million
  • Regarding Canada, it will be subject to a four month restricted period from the issue date of the common shares
  • Platinum Group Metals Ltd. (PTM) is down 0.45 per cent, trading at 2.20 at 12:46 pm EST

Platinum Group Metals (PTM) has entered into agreements with the owners of US $20 million of its convertible senior subordinated notes.

A total of $12.0 million of the notes will be purchased from an affiliate of Kopernik Global Investors, LLC. and $8.0 million of the notes will be purchased from affiliates of Franklin Templeton Investments.

Platinum Group will cancel the notes.

The notes were originally sold in June, 2017.

The company will issue an aggregate of 11,793,509 common shares in consideration of the principal outstanding balance of the notes of approximately US$1.695 per share.

Platinum will also pay accrued and unpaid interest on the notes in cash.

Platinum Group Metals Ltd. is the operator of the Waterberg Project, a bulk underground palladium and platinum deposit located in South Africa.

Platinum Group Metals Ltd. (PTM) is down 0.45 per cent, trading at 2.20 at 12:46 pm EST.

More From The Market Herald
Barrick Gold - CEO, Mark Bristow

" Barrick Gold (TSX:ABX) announces $70M investment in Tanzanian communities

Barrick Gold Corporation (ABX) has announced a $70 million investment to support the development and infrastructure of Tanzanian mine communities.

" Durango (TSXV:DGO) closes $515K flow through financing

Durango Resources (DGO) has closed its private placement for gross proceeds of C$515,500.
Tocvan Ventures (CSE:TOC) - CEO, Brodie Sutherland.

" Colibri (CBI) and Tocvan (TOC) report gold discoveries at Pilar Gold & Silver Project

Tocvan Ventures (TOC) and Colibri Resource Corp (CBI) have received drilling results from the Pilar Project.

" Pure Gold Mining (TSXV:PGM) closes $31M non-brokered private placement

Pure Gold Mining (PGM) has closed the final tranche of a non-brokered private placement for total gross proceeds of C$31,086,144.