Platinum Group Metals Ltd. Reports Continued Listing Plan Accepted by the NYSE American
788 – 550 Burrard Street
Vancouver, BC V6C 2B5
P: 604-899-5450
F: 604-484-4710
News Release No. 18-376
June 22, 2018
Platinum Group Metals Ltd. Reports Continued Listing Plan
Accepted by the NYSE American
(Vancouver/Johannesburg) Platinum Group Metals Ltd. ( PTM:TSX; PLG:NYSE American)
(“Platinum Group” , “PTM” or the “Company”) reports that the NYSE American (the
“Exchange”) has notified the Company that it s plan to regain compliance with the
continued listing requirements of the Exchange has been accepted.
As previously disclosed , the Company is not in compliance with the continued listing
standards set forth in Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the NYSE
American Company Guide (the “Company Guide”) with respect to stockholders’ equity,
or in Section 1003(f)(v) of the Company Guide with respect to the selling price of the
Company’s common shares. On June 21, 2018, the Exchange notified the Company that
it had accepted the Company’s plan of compliance and granted the Company an
extension until November 23, 2018 to regain compliance with the requirements of
Section 1003(f)(v) of the Company Guide and until October 10 , 2019 to regain
compliance with Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the Company Guide.
The Company is not currently in compliance with NYSE American listing standards, but
its listing is being continued pursuant to an exception. The Company will be subject to
periodic review by Exchange staff during the extension period. If the Company is not in
compliance with the Company Guide by the applicable deadlines or if the Company does
not make progress consistent with the plan during the plan period, Exchange staff will
initiate delisting proceedings as appropriate.
About Platinum Group Metals Ltd.
Platinum Group Metals Ltd. is focused on the development of the Waterberg palladium
and platinum project in South Africa. Joint venture partners Impala Platinum Holdings
Ltd., one of the world’s largest integrated PGM producers, and JOGMEC (Japan Oil, Gas
and Metals National Corporation) are also funding and contributing to the definitive
feasibility study currently in progress. Waterberg represents a large -scale PGM resource
with an attractive risk profile given its thickness and shallow nature, which facilitates
fully mechanized production with the potential for the project to have amongst the
lowest operating costs in the PGM sector.
On behalf of the Board of
Platinum Group Metals Ltd.
R. Michael Jones
President, CEO and Director
PLATINUM GROUP METALS LTD. …2
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 LLC 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 (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. Forward-looking statements in this press release include, without limitation,
statements regarding the Company’s continued listing on the Exchange, ability to regain
compliance with continued listing requirements of the Exchange , and Waterberg’s
definitive feasibility study, estimates of resources and mineralization , risk profile,
potential for mechanized production, and potential to have among the lowest operating
costs in the PGM sector. 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 that the Company
may be unable to make progress toward and regain compliance with the Company Guide
and ret ain its NYSE American listing; additional financing requirements and the
uncertainty of future financing; the Company’s history of losses; 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 ; the Company’s
secured loan facility (the “LMM Facility”) with Liberty Me tals & Mining Holdings, LLC
(“LMM”) is, and any new indebtedness may be, secured and the Company has pledged
its shares of PTM RSA, and PTM RSA has pledged its shares of Waterberg JV Co. to LMM
under the LMM 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 LMM
Facility or any new secured indebtedness; the Company’s negative cash flow; the
Company’s ability to continue as a going concern; completion of a Definitive Feasibility
Study for the Waterberg Project, which is subject to a resource upgrade and economic
analysis requirements; uncertainty of estimated production, development plans and cost
estimates for the Waterberg Project; discrepancies between actu al 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 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
PLATINUM GROUP METALS LTD. …3
Waterberg JV Co. or Mnombo Wethu Consultants (Pty) Ltd. or former shareholders of
Maseve; the ability of the Company to retain its key management employees and skilled
and experienced personnel; contractor performance and delivery of services, changes in
contractors or their scope of work or any disputes with contractors; conflicts of interest ;
capital requirements may exceed its current expectations; the uncertainty of cost,
operational and economic projections; the ability of the Company to negotiate and
complete future funding transactions and either settle or restructure its debt as required;
litigation or other administrative proceedings brought against the Company ; actual or
alleged breaches of governance processes or instances of fraud, bribery or corruption;
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 title risks
including defective title to mineral claims or property; changes in nationa l 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 obta in 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 obt ain, 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 fai lures to comply with
legislation; 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 informa tion, future events or
results or otherwise.