A total of 5,966 metres of drill core were recovered and a total of 2,696 metres of core were geotechnically logged from within the zone of interest.
On October 14, 2021, the Company reported completion of a geotechnical drilling campaign at the Waterberg Project consisting of 46 boreholes drilled along the planned centerline of two sets of twin declines and box-cut positions. The Company settled accrued and unpaid interest on the Convertible Notes in cash. The Company issued to the holders, on a private placement basis, an aggregate of 11,793,509 Common Shares of the Company at a price of $1.695 per share in consideration for the $19.99 million principal outstanding balance of the Convertible Notes.
On February 11, 2022, the Company reported the privately negotiated purchase and cancellation of the Company's Convertible Notes maturing on July 1, 2022. The Private Placement allowed HCI to return to a near 26% interest in the Company, as it held prior to the purchase and cancellation of the Convertible Notes. Pricing of the Private Placement was set to be consistent with the equity consideration paid by the Company to purchase and cancel its outstanding $19.99 million 6 7/8% Convertible Senior Subordinated Notes (" Convertible Notes") as described below. On February 11, 2022, the Company completed a non-brokered private placement of 3,539,823 common shares at a price of $1.695 per common share to existing major beneficial shareholder, Hosken Consolidated Investments Limited (" HCI"), resulting in proceeds to the Company of $6.0 million (the " Private Placement").
After this repayment, the Company became debt free and the pledge of its South African assets as security was fully released. On February 11, 2022, the Company repaid the remaining $3.0 million principal balance and outstanding interest of a senior secured loan facility with Sprott Private Resource Lending II (Collector), LP and the other lenders party thereto (the " 2019 Sprott Facility"). (" Lion") using platinum and palladium in lithium battery technologies in collaboration with Anglo American Platinum Limited (" Anglo") and Florida International University (" FIU").įor details of the condensed consolidated interim financial statements for the six months ended Febru(the " Financial Statements") and Management's Discussion and Analysis for the six months ended Februplease see the Company's filings on SEDAR ( or on EDGAR ( Shareholders are encouraged to visit the Company's website at Shareholders may receive a hard copy of the complete Financial Statements from the Company free of charge upon request. The Company is also advancing research and development through Lion Battery Technologies Inc.
The Company's near-term objectives are to advance the Waterberg Project to a development and construction decision, including the arrangement of construction financing and concentrate offtake arrangements. The Waterberg Project is planned as a fully mechanised, shallow, decline access palladium, platinum, gold and rhodium (" 4E") mine and is projected to be one of the largest and lowest cost underground platinum group metals (" PGM" or " PGMs") mines globally. The Company is focused on advancing the Waterberg Project located on the Northern Limb of the Bushveld Complex in South Africa (the " Waterberg Project"). (TSX: PTM) (NYSE American: PLG) (" Platinum Group", " PTM" or the " Company") reports the Company's financial results for the six months ended February 28, 2022, and provides a summary of recent events and outlook. April 14, 2022) - Platinum Group Metals Ltd. Vancouver, British Columbia and Johannesburg, South Africa-(Newsfile Corp.