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

Copyright 2018 Canada NewsWire

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