CAPE TOWN, June 18, 2020 - Hosken Consolidated Investments Limited ("HCI") announced today that on June 17, 2020, it acquired, through its subsidiary Deepkloof Limited, 500,000 common shares of
Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) ("PTM") on a private placement basis at a price of US$1.40 per share for total consideration of US$700,000. This acquisition brings HCI's total holdings in the common shares of PTM to 20,081,988, or 31.591%.
On November 15, 2019, 3,742,999 warrants (the "Warrants") of PTM held by HCI through its subsidiary, Deepkloof Limited, expired. As reported by HCI on August 23, 2019, prior to the expiry of Warrants and assuming full exercise of the Warrants, HCI, through its subsidiary Deepkloof Limited, had ownership and control over 21,432,499 of the issued and outstanding common shares of PTM, representing 34.39% on a fully-diluted basis. On December 19, 2019, HCI acquired 1,612,931 common shares of PTM. Accordingly, taking into account the expiry of the Warrants and the acquisition of common shares on December 19, 2019, immediately prior to the June 17, 2020 acquisition, HCI had ownership and control over 19,581,988 common shares of PTM, or 31.408%.
HCI is a South African black empowerment investment holding company with an approximately US$140 million 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.
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 PTM at www.sedar.com.
SOURCE Hosken Consolidated Investments Limited
