Platinum Group Metals Closes US$17.62 Million Public Offering of Units Including Partial Exercise of over- Allotment Option

NR 18\ 372\15

News Release No. 18-373

May 15, 2018

PLATINUM GROUP METALS CLOSES US$17.62 MILLION PUBLIC

OFFERING OF UNITS INCLUDING PARTIAL EXERCISE OF OVER-

ALLOTMENT OPTION

Vancouver, B.C. (May 15, 2018) – Platinum Group Metals Ltd. (PTM-TSX, PLG-NYSE

American) (the “Company” or “Platinum Gr oup Metals”) announces the closing of its

previously announced marketed public offering (the "Offering") of units (the “Units”). The

Company has issued 117,453,862 Units at a price of US$0.15 per Unit for gross proceeds

of approximately US$17.62 million, which includes the issuance of 3,453,862 Units

pursuant to the partial exercise of an over-allotment option granted to the underwriters of

the Offering. Each Unit consisted of one common share (“Common Share”) of Platinum

Group Metals and one common share purchase warrant (a “Warrant”) of Platinum Group

Metals. Each Warrant will entitle the hol der thereof to purchase one Common Share at

a price of US$0.17 for a term of 18 months from the date of closing of the Offering. Upon

closing of the Offering, the Warrants began trading on the Toronto Stock Exchange under

the symbol “PTM.WT.U”.

The net proceeds of the Offering, before expenses, were approximately US$16.56 million.

The Company intends to use t he net proceeds of the Offering: (i) towards repayment of

a loan facility and production payment termination fees due to Liberty Metals & Mining

Holdings, LLC; and (ii) for general corporate and working capital purposes.

BMO Capital Markets acted as sole book-running manager for the Offering. Leede Jones

Gable Inc. and Roth Capital Partners acted as co-managers for the Offering. Roth Capital

Partners only executed offers and sales outside of Canada.

For the purposes of approval by the Tor onto Stock Exchange (the “TSX”), the Company

has relied on the exemption in Section 602.1 of the TSX Company Manual, which

provides that the TSX will not apply its standards to certain transactions involving eligible

interlisted issuers on a recognized exchange, such as the NYSE American.

The Offering was conducted pursuant to the Company's effective shelf registration

statement on Form F-10 (the “F orm F-10”) filed with the U. S. Securities and Exchange

Commission (the "SEC") and a corresponding Canadian base shelf prospectus filed with

the securities regulatory authority in each of the provinces of Canada, except Quebec. A

prospectus supplement relating to the Offeri ng was filed with the SEC and with the

securities regulatory authority in each of the provinces of Canada, except Quebec.

788 – 550 Burrard Street

Vancouver, BC V6C 2B5

P: 604-899-5450

F: 604-484-4710