CAPE TOWN, SOUTH AFRICA, Aug. 23, 2019 /CNW/ - Hosken Consolidated Investments Limited ("HCI") announced today that on August 21, 2019 it acquired, through its subsidiary Deepkloof Limited, 6,940,000 common shares of Platinum Group Metals Ltd. (TSX:PTM; NYSE American:PLG) ("PTM") on a private placement basis at a price of US$1.32 per share for total consideration of US$9,160,800 and 2,856,000 common shares at a price of US$1.25 for total consideration of US$3,570,000 through a concurrent prospectus offering in the United States pursuant to PTM's effective shelf registration statement on Form F-3 filed with the U.S. Securities and Exchange Commission. The total number of common shares acquired by HCI pursuant to the private placement and public offering is 9,796,000 for total consideration of US$12,730,800.
Immediately before the acquisition, HCI held 7,893,500 common shares of PTM, representing 22.6% of PTM's issued and outstanding common shares, and 3,742,999 common share purchase warrants. This acquisition brings HCI's total holdings in the common shares of PTM to 17,689,500, or 30.2%. Assuming the full exercise of warrants, the Acquiror will have ownership and control of 21,432,499, or 34.39% common shares of the Issuer.
HCI is a South African black empowerment investment holding company with an approximately US$550 million market capitalization, listed on the JSE Securities Exchange. It is incorporated under the laws of South Africa and its head office is located at 8th Floor The Point 76 Regent Road Sea Point Cape Town 8005.
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.
A copy of the Early Warning Report to which this press release relates can be obtained on the SEDAR profile of the Issuer at www.sedar.com.
SOURCE Hosken Consolidated Investments Limited