CAPE TOWN, South Africa,
May 17, 2018 /CNW/ - Hosken
Consolidated Investments Limited ("HCI") announced today
that on May 15, 2018 it acquired,
through its subsidiary Deepkloof Limited, 39,999,999 units of
Platinum Group Metals Ltd. (TSX:PTM; NYSE American:PLG)
("PTM") at a price of US$0.15
per unit for total consideration of US$5,999,999.85.
Of the 39,999,999 units acquired, 24,909,000 units were acquired
pursuant to PTM's Canadian final prospectus supplement dated
May 11, 2018 to its short form short
form base shelf prospectus dated October 14,
2016, and 15,090,999 units were acquired on a private
placement basis. Each unit acquired by HCI consists of one common
share and one common share purchase warrant, with each common share
purchase warrant entitling HCI to purchase one additional common
share of PTM at a price of US$0.17
for a period of 18 months until November 15,
2019.
Immediately before the acquisition, HCI held no common shares of
PTM. This acquisition brings HCI's total holdings in the common
shares of PTM to 14.11%.
HCI is a South African black empowerment investment holding
company with a US$1.1 billion 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.
HCI entered into a subscription agreement to acquire the
15,090,999 units under the private placement. Pursuant to the
subscription agreement, for so long as HCI holds not less than 5%
of the outstanding common shares of PTM, it is entitled to nominate
one director for election or appointment to the PTM board of
directors and has a right to participate in future equity
financings of PTM to maintain its pro-rata interest. PTM has
appointed HCI's nominee, Mr. John Anthony
Copelyn, B.A. (Hons), B.Proc., Chief Executive Officer of
HCI, to its board of directors effective May
15, 2018. A summary description of the material terms of the
subscription agreement is included in the prospectus supplement
filed by PTM in connection with the public offering. A copy of the
subscription agreement is also available under PTM's profile on
SEDAR at www.sedar.com.
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
