BOSTON, Aug. 15, 2019 (GLOBE NEWSWIRE) -- Liberty Metals & Mining Holdings, LLC (“LMM”) announced today that pursuant to a private sale LMM sold 130,000 common shares (each, a “Common Share”) of Platinum Group Metals Ltd. (“Platinum”) at a price of US$1. 25 per share and 2,000,000 common share purchase warrants (each, a “Warrant”) of Platinum at a price of C$0.01 per Warrant to a third party (“Sale”), for aggregate gross proceeds of US$162,500 and C$20,000 respectively.
On December 13, 2018, Platinum effected a share consolidation under which the Common Shares were consolidated on the basis of each ten (10) common shares into one (1) common share (“Consolidation”). Following the consolidation, LMM held 3,616,061 Common Shares (representing 12.42% of the then issued and outstanding Common Shares) and 2,000,000 Warrants (representing on a partially diluted basis 18.04% of the then issued and outstanding Common Shares).
On August 14, 2019, following the Sale, LMM held 3,486,061 Common Shares and no longer holds any Warrants. The 3,486,061 Common Shares held by LMM following the Sale represents less than 10% of the 34,933,072 of the issued and outstanding Common Shares.
LMM’s securityholdings in Platinum are for investment purposes. LMM will evaluate its investment in Platinum from time to time and may, based on such evaluation of market conditions and other circumstances, increase or decrease shareholdings in Platinum as circumstances require, including to facilitate any debt repayment or corporate reorganization or corporate action by Platinum.
This press release is being issued pursuant to the requirements of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. For further information and to obtain a copy of the early warning report that will be filed under applicable Canadian securities laws in connection with the transactions hereunder, please see Platinum’s profile on the SEDAR website www.sedar.com.
For further information or to obtain a copy of the early warning report please contact:
Damon Barber
Liberty Metals & Mining Holdings, LLC
157 Berkeley Street, 22nd Floor
Boston, MA 02116
Telephone: 1-857-224-0626