Platinum Group Metals Completes Previously Announced Share Consolidation
838–1100 Melville Street
Vancouver, BC V6E 4A6
P: 604-899-5450
F: 604-484-4710
News Release No. 18-385
December 13, 2018
Platinum Group Metals Completes Previously Announced
Share Consolidation
(Vancouver/Johannesburg) Platinum Group Metals Ltd. (PTM-TSX; PLG -NYSE
American) (“Platinum Group” or the “Company”) today completed the previously
announced consolidation of its common shares on the basis of one new share for ten
old shares (1:10) effective as of 9:00 a.m. (New York time) on December 13, 2018
(the “Effective Time”). The Company’s consolidated common shares are expected to
begin trading on the Toronto Stock Exchange (“TSX”) and NYSE American when the
markets open on December 17, 2018. The Company completed the consolidation in
order to increase the Company’s common shar e price, for purposes of the NYSE
American’s low selling price requirement.
Details
Each ten (10) common shares issued and outstanding at the Effective Time has been
consolidated into one common share. The share consolidation affects all of the
Company’s common shares outstanding at the Effective Time. As a result of the share
consolidation, the number of issued and outstanding common shares has been
reduced from 291,259,110 to 29,125,911 (subject to fractional treatment) . Each
shareholder’s percentage ownership in the Company and p roportional voting power
remains unchanged, except for minor changes and adjustments resulting from the
treatment of fractional shares.
No fractional shares will be issued as a result of the share consolidation. Fractional
interests of 0.5 or greater will be rounded up to the nearest whole number of shares
and fractional interests of less than 0.5 will be rounded down to the nearest whole
number of shares , in accordance with the Business Corporations Act (British
Columbia).
Registered shareholders of the Company will receive a letter of transmittal from the
Company's transfer agent, Compu tershare Investor Services Inc . The letter of
transmittal will contain instructions on how registered shareholders can exchange
their old share certificates representing pre -consolidation common shares for new
share certificates representing post-consolidation common shares. Until surrendered,
each share certificate representing pre -consolidation common shares will represent
the number of whole post-consolidation common shares to which the holder is entitled
as a result of the consolidation.
Shareholders who hold their common shares in brokerage accounts or in “street
name” are not required to t ake any action to effect the exchange of their common
shares.
PLATINUM GROUP METALS LTD. …2
The number of common shares on a post-consolidated basis underlying the issued and
outstanding warrants of the Company , including the warrants listed and posted for
trading on the TSX under the symbol “PTM.WT.U”, and the exercise price thereof have
been adjusted in accordance with the applicable warrant indenture or warrant
certificate. As well, the number of common shares on a post -consolidated basis that
may be issuable upon the conversion of convertible senior subordinated notes (the
“Notes”) originally issued by the Company on June 30, 2017 and maturing on July 1,
2022 has been adjusted in accordance with the indenture governing the Notes.
The new CUSIP number for the post-consolidation common shares is 72765Q882 and
the new ISIN number is CA72765Q8829.
About Platinum Group Metals Ltd.
Platinum Group, based in Johannesburg, South Africa and Vancouver, Canada, is
focused on the advancement of the large scale, near surfac e, palladium dominant
Waterberg Project in South Africa. Partners at Waterberg include Impala Platinum
Holdings Ltd., the Japan, Oil, Gas and Metals National Corporation and Mnombo
Wethu Consultants (Pty) Ltd., a South African empowerment company.
On behalf of the Board of
Platinum Group Metals Ltd.
R. Michael Jones
President & CEO
For further information contact:
R. Michael Jones, President & CEO
or Kris Begic, VP, Corporate Development
Platinum Group Metals Ltd., Vancouver
Tel: (604) 899-5450 / Toll Free: (866) 899-5450
www.platinumgroupmetals.net
Disclosure
The Toronto Stock Exchange and the NYSE American 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 forwar d-looking statements within the meaning of U.S.
securities laws (collectively “forward -looking statements”). Forward -looking
statements are typically identified by words such as: believe, expect, anticipate,
intend, estimate, plans, postulate and similar e xpressions, 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 statements about the timing of the expected commencement of
trading of the consolidated common shares on the TSX and NYSE American. Although
the Company believes the forward -looking statements in this press release are
reasonable, it can give no assurance that the expectations and assumptio ns 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, the
PLATINUM GROUP METALS LTD. …3
implementation of the share consolidation may adversely affect the market price of
the common shares; the commencement of trading of the consolidated common
shares on either o r both of the TSX and the NYSE American may be delayed; the
liquidity and market price of the common shares and the Company’s ability to raise
capital may be adversely affected if the Company is unable to maintain its listing on
the NYSE American ; the Comp any’s capital requirements may exceed its current
expectations and other risk factors described in the Company’s Form 20-F annual
report, annual information form and other filings with the Securities and Exchange
Commission and Canadian securities regulators, which may be viewed at www.sec.gov
and www.sedar.com, respectively.