Platinum Group Metals Announces Pricing of Public Offering of Common Shares

Wed Dec 12, 2012 9:06am EST

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

Platinum Group Metals Ltd., (TSX:PTM)(NYSE Amex:PLG)(NYSE MKT:PLG) (the
"Company" or "Platinum Group Metals") has priced its previously announced
public offering of common shares (the "Offering"). Pursuant to the
Offering, the Company will issue 225,000,000 common shares at a price of
C$0.80 per common share, for aggregate gross proceeds of C$180,000,000.
The Company will file an amended and restated preliminary short form
prospectus with the securities commissions in all provinces of Canada,
and will file an amendment to the registration statement with the United
States Securities and Exchange Commission. Closing of the Offering is
expected to occur on or about January 4, 2013.

    The Company has also granted 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.

    The Company intends to use the net proceeds from the Offering to
partially 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.

    BMO Capital Markets, RBC Capital Markets and GMP Securities L.P. are
acting as joint bookrunners on the offering and Raymond James Ltd.,
Stifel Nicolaus Canada Inc., CIBC and Cormark Securities Inc. are acting
as co-managers on the Offering.

    The Company has applied to list the common shares subject to the Offering
on the Toronto Stock Exchange ("TSX") and 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 copy of the amended and restated preliminary short form prospectus 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

    A registration statement relating to the common shares of Platinum Group
Metals has been filed with the United States Securities and Exchange
Commission but has not yet become effective. The common shares may not be
sold nor may offers 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 common shares 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.

    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 Metals 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
National Corp., 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 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 amended and restated 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 and, respectively.

    The Toronto Stock Exchange and the NYSE MKT have not reviewed and do not
accept responsibility for the accuracy or adequacy of this news release,
which has been prepared by management.

Platinum Group Metals Ltd., Vancouver
R. Michael Jones
(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

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