Vancouver-based Platinum Group Metals Ltd. (TSX:PTM) has closed a $35 million public offering.
It included 25 million $1.40 units and an additional 37,500 warrants at $0.08 per warrant. Each unit gave unitholders one common share and half a share purchase warrant, entitling each to acquire an additional $1.75 share until December 16, 2010.
Platinum said the financing's net proceeds will be used to pay Anglo Platinum Ltd. about $28 million as part of restructuring the companies' joint venture on the Western Bushveld project in South Africa. The remainder of the proceeds will be used to update the project's feasibility study and for general working capital.
The units were sold publicly in B.C., Alberta and Ontario and in a private placement in the U.S. Thomas Weisel Partners Canada Inc. and RBC Capital Markets acted as joint bookrunners and co-led managers with a syndicate of underwriters that included GMP Securities LP and Raymond James Ltd.
Platinum Group's share price range during the past week: between $1.17 and $1.37; 52-week high: $3.15; 52-week low: $0.71.