JOHANNESBURG (miningweekly.com) - All remaining conditions precedent for Platinum Group Metals' (PTM's) sale of the Maseve concentrator plant and certain surface rights to Royal Bafokeng Platinum (RBPlat) have been fulfilled or waived.
Stage one of the sale of Maseve Investments 11 to RBPlat will now proceed, with a $58-million cash payment to occur coincident with the registration of the applicable surface rights to a wholly owned subsidiary of RBPlat at the South African deeds office.
Stage two of the transaction will include RBPlat acquiring 100% of the shares in Maseve Investments 11, the holding company of the Maseve Mine, and all shareholder loans owed by Maseve for an aggregate consideration of $16-million.
Maseve and its shareholders have passed resolutions to approve the second stage of the transaction.
The parties continue to work together in fulfilment of the remaining conditions precedent to the completion of the second stage, which includes the Department of Mineral Resources' approval of the transaction.