PTM launches $40m financing for Maseve development, working capital

South Africa-focused project developer Platinum Group Resources (PTM) has launched a $40-million bought deal financing to raise cash for underground development and production ramp-up of the Project 1 Maseve platinum mine, debt repayment and general corporate purposes. A syndicate of underwriters led by BMO Capital Markets have agreed to buy 22.23-million shares of the company at $1.80 apiece, for gross proceeds of $40-million, excluding a 15% overallotment option that could take gross proceeds up to $46-million.