platinum implats
Wikipedia

Dual-listed Platinum Group Metals has announced that Hosken Consolidated Investments has agreed to make a strategic investment in the company which will result in HCI owning, through a subsidiary, 10% of PTM’s issued and outstanding shares.  

HCI has entered into a subscription agreement with Platinum Group Metals, on a private placement basis, for the purchase of 16,767,778 units at a price of US$0.19 per unit for gross proceeds of $3,185,878.

Each unit will consist of one common share and one-half common share purchase warrant, with each full common share purchase warrant allowing HCI to purchase one further common share of the company at a price of US$0.24 per share for a period of three years from the date of closing of the private placement.

HCI is a South African black empowerment investment holding company with a $1.1 billion market capitalization, listed on the JSE Securities Exchange.

HCI’s major shareholder is the Southern 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; clothing; and properties.

Closing of the Private Placement is subject to customary closing conditions, including stock exchange approvals.

Pursuant to the subscription agreement and upon completion of the Private Placement, HCI will be entitled to nominate one person to be appointed to the board of directors of Platinum Group Metals and will have a right to participate in future equity financing of the Company to maintain approximately a 10% interest.

HCI’s nominee to the board of directors of Platinum Group Metals will be John Anthony Copelyn, B.A. Hons, B.Proc., CEO of HCI.

Copelyn joined HCI in 1997. Prior to this he was a member of the South African parliament and general secretary of the Southern African Clothing and Textile Workers’ Union.

He is also chairman of E Media Holdings, Tsogo Sun Holdings, Deneb Investments and Niveus Investments.

Platinum Group Metals intends to use the net proceeds of the private placement: (i) for repayment of debt due to Liberty Metals & Mining; and (ii) as permitted, for general corporate and working capital purposes.

Securities purchased by HCI pursuant to the private placement may not be traded for a period of four months plus one day from the closing of the private placement.