Platinum Group Metals Completes First Step for Maseve Sale

Platinum Group Metals has fulfilled all remaining conditions precedent to the sale of the Maseve concentrator plant and certain surface rights to Royal Bafokeng Platinum Ltd. (RBPlat). The company and RBPlat executed definitive sale and purchase agreements on November 23 in a transaction valued at approximately $74 million. Step One may now proceed, with payment of $58 million in cash to Maseve to occur coincident with the registration of the applicable surface rights to a wholly owned subsidiary of RBPlat’s at the South African deeds office, a process that normally takes approximately four weeks.
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