Platinum Group Metals Ltd. Closes Non-Brokered Private Placement
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838 – 1100 Melville Street
Vancouver, BC V6E 4A6
P: 604-899-5450
F: 604-484-4710
News Release No. 20-416
June 17, 2020
Platinum Group Metals Ltd. Closes
Non-Brokered Private Placement
(Vancouver/Johannesburg) Platinum Group Metals Ltd. (PTM:TSX; PLG:NYSE American)
(“Platinum Group” or the “Company”) reports closing of the Company’s previously announced
non-brokered private placement of common shares at price of US $1.40 each. An aggregate
of 1,221,500 common shares were subscribed for and issued resulting in gross proceeds to
the Company of US $ 1.71 million (the “Private Placement”). A 6% cash finder’s fee in the
amount of US $ 37,926 was paid in cash on a portion of the Private Placement. Hosken
Consolidated Investments Limited (“HCI”), an existing major shareholder of the Company,
subscribed for 500,000 common shares through Deepkloof Limited, a subsidiary of HCI.
The Company intends to use the net proceeds of the Private Placement for its share of costs
on the Waterberg Project and for general corporate and working capital purposes.
Securities purchased pursuant to the Private Placement may not be traded for a period of four
months plus one day from the closing of the Private Placement. The securit ies described
herein have not been, and will not be, registered under the United States Securities Act of
1933 (the “Act”), as amended, and may not be offered or sold within the United States or to,
or for the account or benefit of, U.S. persons absent registration or an applicable exemption
from the registration requirements of such Act.
About Platinum Group Metals Ltd. and Waterberg Project
Platinum Group Metals Ltd. is the operator and majority owner of the Waterberg Project, a
bulk underground palladium, platinum, gold and rhodium (“PGM”) deposit located in South
Africa. An Independent Definitive Feasibility Study for the Waterberg Project was approved
by Waterberg JV Resources Pty Ltd. (“Waterberg JV Co.”), the project joint venture company,
on December 5, 2019.
The Waterberg Project was discovered by Platinum Group and is being jointly advanced with
the shareholders of Waterberg JV Co., being Platinum Group, Impala Platinum Holdings Ltd.,
Japan Oil, Gas and Metals National Corporat ion, Hanwa Co. Ltd. and Mnombo Wethu
Consultants (Pty) Ltd. (“Mnombo”).
On behalf of the Board of
Platinum Group Metals Ltd.
R. Michael Jones
President and CEO
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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
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.
The recent COVID-19 pandemic and related measures taken by government create uncertainty
and have had, and may continue to have, an adverse impact on many aspects of the Company’s
business, including employee health, workforce productivity and availability, travel restrictions,
contractor availability, supply availability, the Company’s ability to maintain its controls and
procedures regarding financial and disclosure matters and the availability of capital and insurance
and the costs thereof, some of which, individually or when aggregated with other impacts, may
be material to the Company.
This press relea se may contain forward -looking information within the meaning of Canadian
securities laws and forward -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
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. Although the Company believes
any 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 f orward-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 possible adverse
impacts due the g lobal outbreak of COVID -19 (as described above), the Company’s inability to
generate sufficient cash flow or raise sufficient additional capital to make payment on its
indebtedness, and to comply with the terms of such indebtedness; additional financing
requirements; the 2019 Sprott Facility is, and any new indebtedness may be, secured and the
Company has pledged its shares of Platinum Group Metals (RSA) Proprietary Limited (“PTM RSA”),
and PTM RSA has pledged its shares of Waterberg JV Co. to Sprott, under the 2019 Sprott Facility,
which potentially could result in the loss of the Company’s interest in PTM RSA and the Waterberg
Project in the event of a default under the 2019 Sprott Facility or any new secured indebtedness;
the Company’s history of losses a nd negative cash flow; the Company’s ability to continue as a
going concern; the Company’s properties may not be brought into a state of commercial
production; uncertainty of estimated production, development plans and cost estimates for the
Waterberg Project; discrepancies between actual and estimated mineral reserves and mineral
resources, between actual and estimated development and operating costs, between actual and
estimated metallurgical recoveries and between estimated and actual production; fluctuations in
the relative values of the U.S. Dollar, the Rand and the Canadian Dollar; volatility in metals prices;
the uncertainty of alternative funding sources for Waterberg JV Co. ; the Company may become
subject to the U.S. Investment Company Act; the failure of the Company or the other shareholders
to fund their pro rata share of funding obligations for the Waterberg Project; any disputes or
disagreements with the other shareholders of Waterberg JV Co. or Mnombo; the ability of the
Company to retain its k ey management employees and skilled and experienced personnel;
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PLATINUM GROUP METALS LTD. …3
conflicts of interest; litigation or other administrative proceedings brought against the Company;
actual or alleged breaches of governance processes or instances of fraud, bribery or corruptio n;
exploration, development and mining risks and the inherently dangerous nature of the mining
industry, and the risk of inadequate insurance or inability to obtain insurance to cover these risks
and other risks and uncertainties; property and mineral titl e risks including defective title to
mineral claims or property; changes in national and local government legislation, taxation,
controls, regulations and political or economic developments in Canada and South Africa;
equipment shortages and the ability of the Company to acquire necessary access rights and
infrastructure for its mineral properties; environmental regulations and the ability to obtain and
maintain necessary permits, including environmental authorizations and water use licences;
extreme competition in the mineral exploration industry; delays in obtaining, or a failure to obtain,
permits necessary for current or future operations or failures to comply with the terms of such
permits; risks of doing business in South Africa, including but not limited to, labour, economic and
political instability and potential changes to and failures to comply with legislation; the Company’s
common shares may be delisted from the NYSE American or the T oronto Stock Exchange if it
cannot maintain compliance with the applicable listing requirements; and other risk factors
described in the Company’s most recent Form 20 -F annual report, annual information form and
other filings with the U.S Securities and Exchange Commission (“SEC”) and Canadian securities
regulators, which may be viewed at www.sec.gov and www.sedar.com, respectively. Proposed
changes in the mineral law in South Africa if implemented as proposed would have a material
adverse effect on the Company’s business and potential interest in projects. Any forward-looking
statement speaks only as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to update any forward-
looking statement, whether as a result of new information, future events or results or otherwise.
Estimates of mineralization and other technical information referred to or included herein have
been prepared in accordance with NI 43 -101. The definitions of proven and probable reserves
used in NI 43-101 differ from the definitions in SEC Industry Guide 7. Under SEC Industry Guide
7 standards, mineralization may not be classified as a “reserve” unless the mineralization can be
economically and legally extracted or produced at the time the “reserve” determination is made.
As a result, the reserves reported by the Company in accordance with NI 43-101 may not qualify
as “reserves” under SEC Industry Guide 7. In addition, the terms “mineral resource”, “measured
mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in and
required to be disclosed by NI 43 -101; however, these terms are not defined terms under SEC
Industry Guide 7 and historically have not been permitted to be used in reports and registration
statements filed with the SEC pursuant to SEC Industry Guide 7. Mineral resources that are not
mineral reserves do not have demonstrated economic viability. Investors are cautioned not to
assume that any part or all of the mineral deposits in these categories will ever be converted into
reserves. In particular, “inferred mineral resources” have a great amount of uncertainty as to their
existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed
that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category.
Disclosure of “contained ounces” in a resource is permitted disclosure under NI 43-101; however,
SEC Industry Guide 7 normally only permits issuers to report mineralization that does not
constitute “reserves” by SEC Industry Guide 7 standards as in -place tonnage and grade without
reference to unit measures. Accordingly, descriptions of the Company’s mineral deposits in this
press release may not be comparable to similar information made public by U.S. companie s
subject to the reporting and disclosure requirements of SEC Industry Guide 7.