Platinum Group Metals Announces Public Offering of Common Shares

Mon Dec 10, 2012 5:14pm EST

* Reuters is not responsible for the content in this press release.

  TORONTO, ONTARIO, Dec 10 (MARKET WIRE) --
Platinum Group Metals Ltd., (TSX:PTM)(NYSE Amex:PLG)(NYSE MKT:PLG) (the
"Company" or "Platinum Group Metals") today announced that it has filed a
preliminary short-form prospectus in Canada and a registration statement
in the United States in connection with a marketed offering of common
shares to raise approximately C$180 million (the "Offering"). The
Offering will be conducted through a syndicate of underwriters led by BMO
Capital Markets, RBC Capital Markets and GMP Securities L.P., and
including Raymond James Ltd., Stifel Nicolaus Canada Inc., CIBC and
Cormark Securities Inc. (the "Underwriters"). The Company will also grant
to the Underwriters an option, exercisable for a period of 30 days
following the closing of the Offering, to purchase additional common
shares representing an additional 15% of the Offering to cover
over-allotments, if any.

    The Offering will be priced in the context of the market with the final
terms of the Offering to be determined at the time of pricing. The
Company intends to use the net proceeds from the Offering to fund its 74%
share of Phase 2 development costs at the WBJV Project 1 platinum mine,
its 63% obligation towards ongoing exploration and engineering work on
the Waterberg project and for general working capital purposes.

    The common shares of Platinum Group Metals are being offered by way of a
short form prospectus in all of the provinces of Canada, and will be
registered in the United States pursuant to a registration statement
filed under the multi-jurisdictional disclosure system, and may also be
offered in certain jurisdictions outside of Canada and the United States
in accordance with applicable laws in such jurisdictions. The Company has
applied to list the common shares subject to the Offering on the Toronto
Stock Exchange ("TSX") and will apply to list such common shares on the
NYSE MKT, LLC ("NYSE MKT"). Listing will be subject to the Company
fulfilling all of the listing requirements of the TSX and the NYSE MKT.

    A registration statement under the multi-jurisdictional disclosure system
adopted by the United States and Canada has been filed with the United
States Securities and Exchange Commission, but has not yet become
effective. These securities may not be sold nor may any offer to buy be
accepted prior to the time the registration statement becomes effective.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.

    A copy of the short form prospectus relating to the Offering may be
obtained upon request in Canada by contacting BMO Capital Markets,
Mississauga Distribution Centre C/O The Data Group of Companies, 80
Ambassador Drive, Mississauga, Ontario, L5T 2Y9 (tel: 905-696-8884
x4222), and in the United States by contacting BMO Capital Markets Corp.
at 3 Times Square, 27th Floor, New York, NY 10036 (Attn. Equity
Syndicate), or toll-free at 800-414-3627 or by email at
bmoprospectus@bmo.com.

    About Platinum Group Metals Ltd. 

    Platinum Group Metals has an experienced mine building and operating team
based in Vancouver, Canada and Johannesburg, South Africa. The Platinum
Group management team has a track record of discovery of precious metals
mines over the past 20 years. The Company also has a near surface
discovery at Waterberg in Joint Venture with Japan Oil, Gas and Metals
Corporation, the Japanese state owned Company. 

    Platinum Group Metals is listed as PLG on the NYSE MKT and PTM on the TSX
in Toronto. 

    On behalf of the Board of Platinum Group Metals Ltd. 

    R. Michael Jones 

    This press release contains forward-looking statements within the meaning
of U.S. securities laws and forward-looking information within the
meaning of Canadian securities laws ("forward-looking statements").
Forward-looking statements are typically identified by words such as:
targeted, believe, expect, anticipate, intend, estimate, 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 size,
pricing, closing and use of proceeds of the Offering. 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, but not limited to, variations in
market conditions, the nature, quality and quantity of any mineral
deposits that may be located, the Company's ability to obtain any
necessary permits, consents or authorizations required for its
activities, the Company's ability to successfully obtain equity financing
and negotiate a cost overrun facility, the Company's ability to obtain
the requisite personnel to enable the construction work to proceed, or
the Company's ability to be fully able to implement its business
strategies and other risk factors described in the Company's preliminary
short-form prospectus, registration statement, Form 40-F annual report,
annual information form and other filings with the SEC and Canadian
securities regulators, which may be viewed at www.sec.gov and
www.sedar.com, respectively.

Contacts:
Platinum Group Metals Ltd., Vancouver
R. Michael Jones
President
(604) 899-5450 or Toll Free: (866) 899-5450

Platinum Group Metals Ltd., Vancouver
Kris Begic
VP, Corporate Development
(604) 899-5450 or Toll Free: (866) 899-5450

Copyright 2012, Market Wire, All rights reserved.

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