PLG - Platinum Group Metals secures equity funding of $2.5M

Platinum Group Metals (PLG) rises 4% in premarket, after it has announced to offer 1.15M common shares at $2.18 each for gross proceeds of $2.5M, via private placement to existing major shareholder, Hosken Consolidated Investments.Net proceeds will be used for the company's share of pre-development costs on the Waterberg Project in South Africa, partial debt repayment, general corporate and working capital purposes.The Company announced an At-The-Market Offering of common shares on September 4. As of October 7, it had sold in the ATM ~2M common shares at an average price of $2.18 per share. As of October 7, the Private Placement will allow Hosken to maintain a greater than 31% interest in the Company.The Waterberg Project was discovered by Platinum Group and is being jointly advanced with Impala Platinum, Japan Oil, Gas & Metals National Corporation, Hanwa and Mnombo Wethu Consultants.

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Platinum Group Metals secures equity funding of $2.5M