Platinum Group Metals enters into distribution agreement with agents
TSX- and NYSE-listed Platinum Group Metals has entered into a new equity distribution agreement with BMO Nesbitt Burns, Beacon Securities and BMO Capital Markets for a new at-the-market equity programme.
The distribution agreement, effective from December 5, would allow the company to distribute up to $50-million of common shares of the company under the programme.
The offered shares will be issued by the company to the public from time to time, through the agents, at the company’s discretion.
The net proceeds from any sales under the programme are anticipated to be used, over the following 24 months, for pre-construction site work, engineering and preparation at the Waterberg project in South Africa; a potential Phase 1 development programme at the Waterberg project; a Saudi Arabian smelter and base metals refinery definitive feasibility study; a contingency provision; and general corporate and administrative expenses.
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