Platinum Group closes $180-million public offering 2013-01-04 09:18 ET - News Release Mr. Michael Jones reports PLATINUM GROUP METALS ANNOUNCES CLOSING OF PUBLIC OFFERING OF COMMON SHARES Platinum Group Metals Ltd. has closed its previously announced public offering of common shares. Pursuant to the offering, the company issued 225 million common shares at a price of 80 cents per common share for gross proceeds of $180-million. BMO Capital Markets, RBC Capital Markets and GMP Securities LP acted as joint bookrunners on the offering, and Raymond James Ltd., Stifel Nicolaus Canada Inc., CIBC and Cormark Securities Inc. acted as co-managers on the offering. The company intends to use the net proceeds from the offering to partially finance its 74-per-cent share of phase two development costs at the WBJV project 1 platinum mine, its 63-per-cent obligation toward continuing exploration and engineering work on the Waterberg project, and for general working capital purposes. The common shares were offered by way of a short-form prospectus filed in all provinces of Canada and in the United States by way of a registration statement filed with the United States Securities and Exchange Commission. The company has granted the underwriters an option, exercisable for a period of 30 days, to purchase additional common shares representing an additional 15 per cent of the offering to cover overallotments. Certain directors and officers of the company purchased common shares through the offering. The company has determined that there are exemptions available from the various requirements of Multilateral Instrument 61-101 for the issuance of any securities issued to insiders. We seek Safe Harbor. |