Platinum Group Metals files for 148.5M-share offering, shares halted

|About: Platinum Group Metals Ltd (PLG)|By:, SA News Editor

Platinum Group Metals (PLG -0.8%) is halted as a syndicate of underwriters agrees to buy on a bought deal basis 148.5M common shares at a price of C$1.18/share for gross proceeds of ~C$175M.

PLG says proceeds from the offering will be used to partially fund Phase 2 development at the WBJV Project 1 platinum mine; to fund its portion of ongoing exploration, engineering and extension work on the Waterberg joint venture project; and for general working capital purposes.