UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule
13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of: February 2019
Commission File Number: 001-33562
PLATINUM GROUP METALS LTD.
Suite 838 1100 Melville Street, Vancouver BC, V6E 4A6,
CANADA
Address of Principal Executive Office
Indicate by check mark whether the registrant files or will file annual reports under cover:
Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
PLATINUM GROUP METALS LTD. | |
/s/ Frank Hallam | |
Date: February 25, 2019 | Frank Hallam |
Chief Financial Officer |
EXHIBIT INDEX
Exhibit | Description |
99.1 | News Release dated February 25, 2019 |
99.2 | Material Change Report dated February 25, 2019 |
838 1100 Melville Street Vancouver, BC V6E 4A6 P: 604-899-5450 F: 604-484-4710 |
News Release | No. 19-390 |
February 25, 2019 | |
Platinum Group Metals Announces Positive Results
of
Annual General Meeting of
Shareholders
(Vancouver/Johannesburg) Platinum Group Metals Ltd. (PTM-TSX; PLG-NYSE American) (Platinum Group or the Company) is pleased to announce the positive results from its Annual General Meeting held on February 22, 2019 in Vancouver, BC.
The meeting had a turnout of shareholders representing over 73% of its issued shares eligible to vote at the meeting. Shareholders strongly supported the appointment of the Board and the resolutions proposed.
The number of directors is fixed at six and on a show of hands the Shareholders elected managements six nominees for directors. Details of the proxy voting are as follows:
DIRECTOR |
NUMBER OF SHARES |
PERCENTAGE OF VOTES CAST |
|
FOR | FOR | WITHHELD | |
R Michael Jones | 16,777,624 | 99.52% | 0.48% |
Frank R Hallam | 16,722,176 | 99.19% | 0.81% |
Iain D C Mclean | 16,813,655 | 99.73% | 0.27% |
Timothy D Marlow | 16,813,081 | 99.73% | 0.27% |
Diana J Walters | 16,818,536 | 99.76% | 0.24% |
John A Copelyn | 16,420,584 | 97.40% | 2.60% |
The re-appointment of PricewaterhouseCoopers LLP as auditors of the Company for the ensuing year at a remuneration to be fixed by the directors was voted in favour by 99.25% of the Shareholders.
A poll was also conducted with respect to the ordinary resolution to approve ownership of more than 19.9% of the issued and outstanding common shares of the Company upon the exercise of up to 15,090,999 common share purchase warrants (exercisable into up to 1,509,999 common shares of the Company) by HCI Consolidated Investments Inc. or its associated or affiliates (collectively, HCI). According to the ballots cast, the ordinary resolution was approved by the Shareholders, other than HCI, with the following results:
DISINTERESTED SHAREHOLDER VOTE SUMMARY
NUMBER OF SHARES |
PERCENTAGE OF VOTES CAST |
|
FOR | FOR | AGAINST |
12,677,591 | 98.59% | 1.41% |
Following the shareholders meeting, the directors ratified the current officers of the Company for the ensuing year.
PLATINUM GROUP METALS LTD. | 2 |
For more information on these matters, please refer to Platinum Groups information circular, available on SEDAR (www.sedar.com) or visit our website at www.platinumgroupmetals.net.
About Platinum Group Metals Ltd.
Platinum Group is focused on, and is the operator of, the Waterberg Project, a bulk mineable underground palladium deposit in northern South Africa. Waterberg was discovered by the Company. Waterberg has potential to be a low cost dominantly palladium mine and Implats, a smelter and refiner of platinum group metals, recently made a strategic investment in the Waterberg Project.
On behalf of the Board of
Platinum Group Metals
Ltd.
R. Michael Jones
President and CEO
For further information contact: |
R. Michael Jones, President |
or Kris Begic, VP, Corporate Development |
Platinum Group Metals Ltd., Vancouver |
Tel: (604) 899-5450 / Toll Free: (866) 899-5450 |
www.platinumgroupmetals.net |
Disclosure
The Toronto Stock Exchange and the NYSE American have not reviewed and do not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
This press release may contain forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of U.S. securities laws (collectively forward-looking statements). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Although the Company believes any forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors. The Company directs readers to the risk factors described in the Companys Form 20-F annual report, annual information form and other filings with the Securities and Exchange Commission and Canadian securities regulators, which may be viewed at www.sec.gov and www.sedar.com, respectively.
FORM 51-102F3 |
MATERIAL CHANGE REPORT |
ITEM 1. NAME AND ADDRESS OF COMPANY
PLATINUM GROUP METALS LTD. (the Company or
Platinum Group)
838 1100 Melville Street Vancouver BC, V6E 4A6
Telephone: (604) 899-5450
ITEM 2. DATE OF MATERIAL CHANGE
February 4, 2019
ITEM 3. NEWS RELEASE
A news release was disseminated on February 4, 2019 to the TSX as well as through various other approved public media and was SEDAR filed with the British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland Securities Commissions.
ITEM 4. SUMMARY OF MATERIAL CHANGE
The Company closed its previously announced non-brokered private placement of common shares at price of US $1.33 each (the Private Placement). An aggregate of 3,124,059 common shares were subscribed for and issued, including a 124,059 common share increase to the announced offering size, resulting in gross proceeds to the Company of US $4.155 million.
ITEM 5. FULL DESCRIPTION OF MATERIAL CHANGE
5.1 Full Description of Material Change
The Company closed the Private Placement. An aggregate of 3,124,059 common shares were subscribed for and issued, including a 124,059 common share increase to the announced offering size, resulting in gross proceeds to the Company of US $4.155 million. A 6% cash finders fee in the amount of US $71,590 was paid in cash on a portion of the Private Placement. Hosken Consolidated Investments Limited (HCI), an existing major shareholder of the Company, subscribed for 2,141,942 common shares.
The Company intends to use the net proceeds of the Private Placement for its share of remaining costs to complete a Definitive Feasibility Study (DFS) now underway for the Waterberg palladium and platinum project (the Waterberg Project) and for general corporate and working capital purposes. Closing of the Private Placement is subject to customary closing conditions, including stock exchange approvals.
Securities issued pursuant to the Private Placement may not be traded for a period of four months plus one day from the closing of the Private Placement. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933 (the Act), as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of such Act.
HCI is a related party of the Company (as defined by Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions (MI 61-101) by virtue of having beneficial ownership of 4,383,446 common shares (or approximately 14.77% of the issued and outstanding common shares) of the Company prior to the close of the Private Placement. The Private Placement is therefore a related party transaction (as defined by MI 61-101). The Private Placement resulted in a 5.13% increase in the percentage of securities of the Company beneficially owned by HCI to 19.90% of the issued and outstanding common shares. The Private Placement was approved in writing by the board of directors of the Company, with John Copelyn, who is the CEO of HCI, disclosing to the Company his interest in the Private Placement and, as director of the Company, abstaining from voting on the approval thereof as it related to the subscription by HCI. The Company is relying on the exemptions from both the formal valuation requirement and the minority shareholder approval requirement under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, on the basis that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves HCI, exceeds 25 per cent of the Companys market capitalization, calculated in accordance with MI 61-101. The Company did not file a Material Change Report more than 21 days before the expected closing date of the Private Placement as the Company wished to close the Private Placement on an expedited basis for sound business reasons.
2
This Material Change Report contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of U.S. securities laws (collectively forward-looking statements). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this Material Change Report include, without limitation, statements regarding the size, participation in, receipt of regulatory approvals for, and the completion and amount and use of proceeds of the Private Placement. Although the Company believes the forward-looking statements in this Material Change Report are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance and that actual results may differ materially from those in forward-looking statements as a result of various factors, including the Companys inability to obtain subscriptions for and complete the Private Placement on the terms disclosed above, or at all, to obtain required regulatory approvals for the Private Placement, and to maintain and extend the waivers of Liberty Metals & Mining Holdings, LLC (LMM), a subsidiary of Liberty Mutual Insurance, under the Companys credit facility (the LMM Facility) necessary to permit the use of proceeds contemplated above; additional financing requirements; the LMM Facility with LMM is, and any new indebtedness may be, secured and the Company has pledged its shares of Platinum Group Metals (RSA) Proprietary Limited (PTM RSA), and PTM RSA has pledged its shares of Waterberg JV Resources (Pty) Limited (Waterberg JV Co.) to LMM, under the LMM Facility, which potentially could result in the loss of the Companys interest in PTM RSA and the Waterberg Project in the event of a default under the LMM Facility or any new secured indebtedness; the Companys history of losses and negative cash flow; the Companys ability to continue as a going concern; the Companys properties may not be brought into a state of commercial production; uncertainty of estimated production, development plans and cost estimates for the Waterberg Project; discrepancies between actual and estimated mineral reserves and mineral resources, between actual and estimated development and operating costs, between actual and estimated metallurgical recoveries and between estimated and actual production; fluctuations in the relative values of the U.S. Dollar, the Rand and the Canadian Dollar; volatility in metals prices; the failure of the Company or the other shareholders to fund their pro rata share of funding obligations for the Waterberg Project; any disputes or disagreements with the other shareholders of Waterberg JV Co., Mnombo Wethu Consultants (Pty) Ltd. or Maseve; completion of a DFS for the Waterberg Project is subject to economic analysis requirements; the ability of the Company to retain its key management employees and skilled and experienced personnel; conflicts of interest; litigation or other administrative proceedings brought against the Company; actual or alleged breaches of governance processes or instances of fraud, bribery or corruption; the Company may become subject to the U.S. Investment Company Act; exploration, development and mining risks and the inherently dangerous nature of the mining industry, and the risk of inadequate insurance or inability to obtain insurance to cover these risks and other risks and uncertainties; property and mineral title risks including defective title to mineral claims or property; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada and South Africa; equipment shortages and the ability of the Company to acquire necessary access rights and infrastructure for its mineral properties; environmental regulations and the ability to obtain and maintain necessary permits, including environmental authorizations and water use licences; extreme competition in the mineral exploration industry; delays in obtaining, or a failure to obtain, permits necessary for current or future operations or failures to comply with the terms of such permits; risks of doing business in South Africa, including but not limited to, labour, economic and political instability and potential changes to and failures to comply with legislation; the Companys common shares may be delisted from the NYSE American or the TSX if it cannot maintain or regain compliance with the applicable listing requirements; and other risk factors described in the Companys most recent Form 20-F annual report, Annual Information Form and other filings with the SEC and Canadian securities regulators, which may be viewed at www.sec.gov and www.sedar.com, respectively. Proposed changes in the mineral law in South Africa if implemented as proposed would have a material adverse effect on the Companys business and potential interest in projects. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward- looking statement, whether as a result of new information, future events or results or otherwise.
3
5.2 Disclosure for Restructuring Transactions
N/A
ITEM 6. RELIANCE ON SUBSECTION 7.1(2) OR (3) OF NATIONAL INSTRUMENT 51-102
N/A
ITEM 7. OMITTED INFORMATION
N/A
ITEM 8. EXECUTIVE OFFICER
The following senior officer of the Issuer is knowledgeable about the material change and may be contacted by the Commission at the following telephone number:
Frank Hallam, CFO |
T: (604) 899-5450 |
ITEM 9. DATE OF REPORT
February 4, 2019
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