World News: 14:12 GMT Monday 11th February 2019. [Platinum Group Metals Ltd. via Globe Newswire via SPi World News]
VANCOUVER, British Columbia and JOHANNESBURG, South Africa, Feb. 11, 2019 (GLOBE NEWSWIRE) -- (PTM:TSX; PLG:NYSE American) (“Platinum Group” “PTM” or the “Company”) reports that Hosken Consolidated Investments Limited ("HCI") announced on February 4, 2019 it had acquired, on a private placement basis through its subsidiary Deepkloof Limited, 2,141,942 common shares of Platinum Group Metals Ltd. ("PTM") at a price of US$1.33 per share for total consideration of US$2,848,783.
Immediately before the acquisition, HCI held 4,383,447 common shares of PTM, representing 14.77% of PTM's issued and outstanding common shares, and 3,999,999 common share purchase warrants. This acquisition brings HCI's total holdings in the common shares of PTM to 6,525,389, or 19.89%.
R. Michael Jones, CEO of Platinum Group said, “HCI’s investment has been important in advancing the Waterberg palladium project. We are working closely with our joint venture partners Implats, JOGMEC, Hanwa and Mnombo on the completion of the Waterberg Definitive Feasibility Study later this year.”
HCI is a South African black empowerment investment holding company with a US$750 million market capitalization, listed on the JSE Securities Exchange. It is incorporated under the laws of South Africa and its head office is located in Cape Town. HCI’s major shareholder is the South African Clothing and Textile Workers Union. The group is involved in a diverse group of investments including hotel and leisure, interactive gaming, media and broadcasting, transport, mining and properties.
The PTM securities were purchased and are presently being held by HCI for investment purposes. In the future, HCI or its affiliates may acquire additional securities of PTM or dispose of such securities subject to a number of factors, including general market and economic conditions and other investment and business opportunities available.
Platinum Group is focused on, and is the operator of, the Waterberg Project, a bulk mineable underground palladium deposit in northern South Africa. Waterberg was discovered by the Company. Waterberg has potential to be a low cost dominantly palladium mine and Implats, a smelter and refiner of platinum group metals, recently made a strategic investment in the Waterberg Project.
For further information contact: R. Michael Jones, President or Kris Begic, VP, Corporate Development Platinum Group Metals Ltd., Vancouver Tel: (604) 899-5450 / Toll Free: (866) 899-5450
Globe Newswire: 14:12 GMT Monday 11th February 2019
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