Platinum Group Metals in $20M bought deal financing at $1.30/share

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

Platinum Group Metals (NYSEMKT:PLG) -10.9% AH after announcing a $20M bought deal financing with BMO Capital for 15.39M common shares at $1.30 each.

PLG grants BMO a 30-day option to purchase up to an additional 15% of the offering to cover over-allotments.

PLG plans to use the proceeds for underground development and production ramp-up of the Maseve mine; for working capital during start-up; for repaying $2.5M of a prior advance under its credit agreement with a syndicate of lenders; and for general corporate purposes.