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
of the Securities Exchange Act of 1934
For the period of: October 18, 2013
Platinum Group Metals Ltd.
(SEC
File No. 001-33562)
Suite 328 550 Burrard Street, Vancouver BC, V6C 2B5, CANADA
Address of Principal Executive Office
Indicate by check mark whether the registrant files or will file annual reports under cover:
Form 20-F [ ] Form 40-F [X]
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): [ ]
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.
Date: October 18, 2013 | R. Michael Jones |
R. MICHAEL JONES | |
DIRECTOR & CEO |
EXHIBIT INDEX
Exhibit | Description |
99.1 | News Release dated October 18, 2013 |
99.2 | Material Change Report dated October 18, 2013 |
788 550 Burrard Street Vancouver, BC V6C 2B5 P: 604-899-5450 F: 604-484-4710 |
No. 13-263
October 18, 2013
News Release
Platinum Group Metals Announces that 26% WBJV Proje ect 1 Shareholder Africa Wide Has Today Elected Not to Fund an Initial Cash Call
(Vancouver, British Columbia) Platinum Group Metals Ltd. (PTM-TSX; PLG-NYSE MKT) (Platinum Group or the Company) announces that at a meeting of the shareholders of Maseve Investments 11 Pty Ltd (Maseve), the operating company of the WBJV Project 1 Platinum Mine (the Project), Platinum Group representatives were informed by a representative of Africa Wide Mineral Prospecting and Exploration (Pty) Ltd (Africa Wide) that Africa Wide, a subsidiary of Wesizwe Platinum Ltd. (Wesizwe), would not be funding a 213 million Rand (approximately US $ 21.8 million) cash call for their 26% share of a 6 month forward budget for the Project. There was no indication from Wesizwe or Africa Wide until late today in Johannesburg that they would not fund their pro-rata share of the Project. The cash call to Africa Wide for the Project had been timed to coincide with the final expenditure of funds held in escrow by Maseve for Africa Wide.
Under an agreement between the shareholders of Maseve, any further expenditures by Maseve funded by Platinum Group alone would result in the dilution of Africa Wides equity interest in Maseve. Wesizwe had previously indicated that they would be a funding participant through Africa Wide and that they supported the proposed project loan in respect of the Project.
As a result of the potential changes in the structure of ownership in Maseve, and potential changes in funding arrangements for Maseve and the Project, there may be substantial delays or a stop in construction and production plans for the Project. The currently proposed project loan structure for the Project is unlikely to proceed in its current form. The Project construction may be stopped with significant cost to Maseve.
Platinum Group will evaluate its options and course of action over the next few days and provide an update on its plans. The Company holds approximately $ 90 million in cash at present which is sufficient to cover the costs of any stoppage at the 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
788 550 Burrard Street Vancouver, BC V6C 2B5 P: 604-899-5450 F: 604-484-4710 |
Tel: (604) 899-5450 / Toll Free: (866) 899-5450
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 bymanagement.
This pressrelease contains forward-looking information within the meaning of Canadian securitieslaws and forward-looking statements within the meaning ofU.S. securities laws (forward-looking statements). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate andsimilar expressions, or are those, which, by their nature, refer to future events. All statements that arenot statements of historical fact are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regardingpotential changes in the structure, ownership timing and funding of Maseve and the Project, the potential loss of project financing and potential work stoppages and related costs, potential changes to the Companys construction andproduction plans for the Project. Although the Company believes the forward-looking statements in thispress 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-lookingstatements by the Company are not guarantees offuture results or performance, and that actual results may differ materially from those in forward looking statementsas a result of various factors, including, but not limited to, variations in metalprices, costsand stock market conditions; the inadequacy and uncertainty of financing; the requirement to comply with black economic empowerment laws in South Africa;the nature, quality and quantity of any mineral deposits that may be locate; the Companysability to obtain any necessary permits, consents orauthorizations required for its activities;the Companys ability toraise equity and debt financing; the Companys ability to ensure the Project complies with applicable regulatory requirements; theCompanys ability to successfully complete loan negotiations; theCompanysability to produce minerals from its properties successfully or profitably, to continueits projectedgrowth, or to be fully able to implem ent its business strategies and other riskfactors described in the Companys Form 40-F annual report, annual information formand other filings with the SEC and Canadian securities regulators, which maybe viewed atwww.sec.gov and www.sedar.com, respectively.
Exhibit 99.2
FORM 51-102F3 |
MATERIAL CHANGE REPORT |
ITEM 1. |
NAME AND ADDRESS OF COMPANY |
| |
PLATINUM GROUP METALS LTD. (the Company or Platinum Group) | |
328 550 Burrard Street Vancouver BC, V6C 2B5 | |
Telephone: (604) 899-5450 Facsimile: (604) 484-4710 | |
| |
ITEM 2. |
DATE OF MATERIAL CHANGE |
| |
October 18, 2013 | |
| |
ITEM 3. |
NEWS RELEASE |
| |
A news release was disseminated on October 18, 2013 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 |
| |
(Vancouver, British Columbia) Platinum Group Metals Ltd. (PTM-TSX; PLG-NYSE MKT) (Platinum Group or the Company) announces that at a meeting of the shareholders of Maseve Investments 11 Pty Ltd (Maseve), the operating company of the WBJV Project 1 Platinum Mine (the Project), Platinum Group representatives were informed by a representative of Africa Wide Mineral Prospecting and Exploration (Pty) Ltd (Africa Wide) that Africa Wide, a subsidiary of Wesizwe Platinum Ltd. (Wesizwe), would not be funding a 213 million Rand (approximately US $ 21.8 million) cash call for their 26% share of a 6 month forward budget for the Project. There was no indication from Wesizwe or Africa Wide until late today in Johannesburg that they would not fund their pro-rata share of the Project. The cash call to Africa Wide for the Project had been timed to coincide with the final expenditure of funds held in escrow by Maseve for Africa Wide. | |
| |
| |
ITEM 5. |
FULL DESCRIPTION OF MATERIAL CHANGE |
| |
(Vancouver, British Columbia) Platinum Group Metals Ltd. (PTM-TSX; PLG-NYSE MKT) (Platinum Group or the Company) announces that at a meeting of the shareholders of Maseve Investments 11 Pty Ltd (Maseve), the operating company of the WBJV Project 1 Platinum Mine (the Project), Platinum Group representatives were informed by a representative of Africa Wide Mineral Prospecting and Exploration (Pty) Ltd (Africa Wide) that Africa Wide, a subsidiary of Wesizwe Platinum Ltd. (Wesizwe), would not be funding a 213 million Rand (approximately US $ 21.8 million) cash call for their 26% share of a 6 month forward budget for the Project. There was no indication from Wesizwe or Africa Wide until late today in Johannesburg that they would not fund their pro-rata share of the Project. The cash call to Africa Wide for the Project had been timed to coincide with the final expenditure of funds held in escrow by Maseve for Africa Wide. |
1 of 3
Under an agreement between the shareholders of Maseve, any further expenditures by Maseve funded by Platinum Group alone would result in the dilution of Africa Wides equity interest in Maseve. Wesizwe had previously indicated that they would be a funding participant through Africa Wide and that they supported the proposed project loan in respect of the Project.
As a result of the potential changes in the structure of ownership in Maseve, and potential changes in funding arrangements for Maseve and the Project, there may be substantial delays or a stop in construction and production plans for the Project. The currently proposed project loan structure for the Project is unlikely to proceed in its current form. The Project construction may be stopped with significant cost to Maseve.
Platinum Group will evaluate its options and course of action over the next few days and provide an update on its plans. The Company holds approximately $ 90 million in cash at present which is sufficient to cover the costs of any stoppage at the 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
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.
This press release contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of U.S. securities laws (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 press release include, without limitation, statements regarding potential changes in the structure, ownership timing and funding of Maseve and the Project, the potential loss of project financing and potential work stoppages and related costs, potential changes to the Companys construction and production plans for the Project. 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 metal prices, costs and stock market conditions; the inadequacy and uncertainty of financing; the requirement to comply with black economic empowerment laws in South Africa; the nature, quality and quantity of any mineral deposits that may be locate; the Companys ability to obtain any necessary permits, consents or authorizations required for its activities; the Companys ability to raise equity and debt financing; the Companys ability to ensure the Project complies with applicable regulatory requirements; the Companys ability to successfully complete loan negotiations; the Companys ability to produce minerals from its properties successfully or profitably, to continue its projected growth, or to be fully able to implement its business strategies and other risk factors described in the Companys 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.
2 of 3
ITEM 6. | RELIANCE ON SUBSECTION 7.1 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: | |
R. Michael Jones, President & CEO Phone: (604) 899-5450 | |
ITEM 9. | DATE OF REPORT |
October 18, 2013 |