April 19, 2017 / 4:22 PM / in 5 months

BUZZ-Platinum Group Metals: Falls after $20 mln offering

** Canadian miner’s U.S.-listed shares down 12.2 pct at $1.29; Toronto-listed shares hit lowest level in over a year

** Co offered 15.4 mln shares under bought deal financing for $1.30/shr, offering for about $20 mln

** Offer price represents 11.6 pct discount to stock’s last close

** Shares offered represent 11.6 pct of co’s total shares outstanding, co has market cap of about $196 mln

** Intends to use offering proceeds for underground development and production ramp-up of the Maseve platinum mine in South Africa, working capital during start-up and debt repayment

** More than 376,000 shares changed hands by 1603 GMT on the TSX, 3.5x 30-day moving avg and 2.3 mln shares traded on NYSE MKT, 3.6x 30-day moving avg

** Up to Tuesday’s close, both stocks had fallen over 40 pct in the past 12 months

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