|By Marketwired .||
|December 6, 2012 08:37 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/06/12 -- Platinum Group Metals Ltd., (TSX:PTM)(NYSE Amex:PLG)(NYSE MKT:PLG) (the "Company" or "Platinum Group") reports that a syndicate of lead arrangers has now obtained credit committee approval for a US $260 million senior loan facility for the construction of the WBJV Project 1 Platinum Mine. The credit approval is not subject to further syndication prior to closing. Closing and draw down of the loan facility will now be subject to the negotiation and execution of final documentation and satisfaction of conditions precedent.
The syndicate of lead arrangers consists of Barclays Bank plc, together with its affiliate Absa Capital, Caterpillar Financial SARL, Societe Generale and The Standard Bank of South Africa Limited. This syndicate of banks (collectively, the "Lending Group") has a global presence, direct platinum industry experience and includes two of South Africa's major banks.
While working with the Lending Group to finalize the loan facility, the Company has been executing a US $100 million Phase 1 development program to complete surface and infrastructure requirements and begin construction on twin declines into the ore body. A Mining Right for the WBJV Project 1 was granted in April 2012 and underground development and construction has been in progress since 2011. Phase 1 is now approximately 80% complete.
The key terms of the credit approved loan are:
-- A US $260 million senior loan with a term of eight years. -- Interest rates payable on the balance of the loan withdrawn at a rate of LIBOR plus 5.0% pre-completion, LIBOR plus 4.75% for two years post- completion and LIBOR plus 5.25% from two years post-completion until maturity. -- An ability to pay the loan down early in tranches. -- An agreed hedging strategy focused on byproduct metals palladium, gold and base metals.
Company President and CEO, R. Michael Jones, commented, "The receipt of credit approval for a US$ 260 million loan is a clear indication of the quality of the WBJV Project 1 asset. The international bank approval is an important indicator for Platinum Group Metals Ltd. and South Africa that the platinum industry is open for business. The shallow, good grade deposit at Project 1 is targeted for first production in 2014 and indications are quite positive for the platinum market at that time."
Company CFO, Frank Hallam, stated, "After more than a year of work to obtain this credit approval, we are all very excited to move forward. It's very satisfying to see this project become a reality."
Conditions precedent to draw down required by the lending group will include the Company and 26% project holder Wesizwe Platinum Limited (JSE:WEZ) ("Wesizwe") providing a tranche of equity capital, a cost overrun facility and a working capital provision. Platinum Group owns 74% of the WBJV Project 1. Wesizwe is 45% owned by Jinchuan Group of China and the China Africa Development Fund.
The Company is also currently drilling with ten rigs at the Waterberg discovery on the North Limb of the Bushveld Complex.
About Platinum Group Metals Ltd.
Platinum Group has an experienced mine building and operating team based in Vancouver, Canada and Johannesburg, South Africa. The Platinum Group management team has a track record of discovery of precious metals mines over the past 20 years. The Company also has an impressive near surface discovery at Waterberg in Joint Venture with Japan Oil, Gas and Metals Corporation, the Japanese state owned Company.
Platinum Group is listed as PLG on the NYSE MKT and PTM on the TSX in Toronto.
On behalf of the Board of Platinum Group Metals Ltd.
R. Michael Jones, President
This press release contains forward-looking statements within the meaning of U.S. securities laws and forward-looking information within the meaning of Canadian securities laws ("forward-looking statements"). Forward-looking statements are typically identified by words such as: targeted, believe, expect, anticipate, intend, estimate, 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 press release include, without limitation, statements regarding the targeted timing for first production at Project 1, the state of the platinum market in 2014, the completion of required financing and the commencement of Phase 2 construction at Project 1. Although the Company believes the 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, including, but not limited to, variations in market conditions, the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, the Company's ability to successfully obtain equity financing and negotiate a cost overrun facility, the Company's ability to obtain the requisite personnel to enable the construction work to proceed, or the Company's ability to be fully able to implement its business strategies and other risk factors described in the Company's Form 40-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.
The Toronto Stock Exchange and the NYSE MKT have not reviewed and do not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Platinum Group Metals Ltd.
R. Michael Jones
(604) 899-5450 or Toll Free: (866) 899-5450
Platinum Group Metals Ltd.
VP, Corporate Development
(604) 899-5450 or Toll Free: (866) 899-5450
(604) 484-4710 (FAX)
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 8, 2016 08:00 PM EST Reads: 129
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Feb. 8, 2016 06:30 PM EST Reads: 165
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
Feb. 8, 2016 03:00 PM EST Reads: 573
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Feb. 8, 2016 03:00 PM EST
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
Feb. 8, 2016 02:00 PM EST Reads: 207
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
Feb. 8, 2016 02:00 PM EST Reads: 341
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Feb. 8, 2016 02:00 PM EST Reads: 377
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
Feb. 8, 2016 01:30 PM EST Reads: 173
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Feb. 8, 2016 12:45 PM EST Reads: 356
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
Feb. 8, 2016 12:30 PM EST Reads: 235
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Feb. 8, 2016 12:30 PM EST Reads: 142
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Feb. 8, 2016 12:00 PM EST Reads: 158
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Feb. 8, 2016 10:45 AM EST Reads: 383
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
Feb. 8, 2016 10:15 AM EST Reads: 365
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Feb. 8, 2016 09:45 AM EST Reads: 170