Platinum Group Metals Secures $1 Million Private Placement from HCI
TL;DR
HCI's US$1.008M investment in Platinum Group Metals secures a 26% ownership stake, offering strategic advantage in the palladium and platinum market.
HCI's subsidiary Deepkloof Limited purchased 800,000 common shares of Platinum Group Metals at US$1.26 per share, raising HCI's ownership to 26%.
The investment by HCI in Platinum Group Metals will support pre-construction work at the Waterberg Project in South Africa, benefiting local communities and advancing sustainable mining practices.
Platinum Group Metals' collaboration with HCI highlights the evolving landscape of strategic investments in the mining sector, paving the way for future partnerships and industry growth.
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Platinum Group Metals Ltd. has successfully completed a US$1.008 million private placement with Hosken Consolidated Investments Limited (HCI), a significant milestone for the company's ongoing development of the Waterberg Project in South Africa.
The transaction involved the issuance of 800,000 common shares at US$1.26 per share, which restores HCI's ownership stake to 26%. The capital raised will be directed towards pre-construction and engineering activities at the Waterberg Project, a bulk underground palladium and platinum deposit.
This strategic investment signals continued confidence from HCI in the project's potential. The Waterberg Project, originally discovered by Platinum Group Metals, is being jointly developed with Implats, Mnombo, and HJM, highlighting a collaborative approach to mineral exploration and development.
The private placement was negotiated under specific regulatory exemptions, qualifying under MI 61-101 due to HCI's status as a related party. This expedited process demonstrates the company's agility in securing necessary funding for critical project stages.
The investment comes at a crucial time for the mining sector, where strategic capital infusion can significantly accelerate project development and enhance potential economic returns. For Platinum Group Metals, this funding represents a key step in advancing their significant South African mineral asset.
Curated from InvestorBrandNetwork (IBN)
