VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 26, 2017) - Platinum Group Metals Ltd. (TSX:PTM)(NYSE
MKT:PLG) ("Platinum Group Metals" or the "Company") announces that further to its press release of April 18, 2017, it has closed
its public offering of common shares (the "Offering"). Pursuant to the Offering, the Company has issued 15,390,000 common shares
(the "Shares") at a price of US$1.30 per Share, for aggregate gross proceeds of US$20,007,000. BMO Capital Markets acted as the
sole underwriter for the Offering.
The net proceeds of the Offering will be used for (i) underground development and production ramp-up of the Maseve Mine; (ii)
working capital during start-up; (iii) repayment of the remaining US$2.5 million outstanding amount of a prior advance under the
Company's credit agreement with a syndicate of lenders led by Sprott Resource Lending Partnership; and (iv) general corporate
purposes.
The Offering was made pursuant to an effective shelf registration statement previously filed with the U.S. Securities and
Exchange Commission (the "SEC") and a corresponding Canadian base shelf prospectus filed with the securities regulatory authority
in each of the provinces of Canada, except Quebec. A prospectus supplement relating to the Offering was filed with the SEC and
with the securities regulatory authority in each of the provinces of Canada, except Quebec.
A copy of the prospectus supplement and base shelf prospectus relating to the Offering in Canada may be obtained by contacting
BMO Capital Markets, Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2
or by telephone at (905) 791-3151 Ext 4312 or by email at torbramwarehouse@datagroup.ca. A copy of the prospectus supplement and base shelf
prospectus relating to the Offering in the United States may be obtained by contacting BMO Capital Markets Corp., Attn: Equity
Syndicate Department, 3 Times Square, 25th Floor, New York, NY 10036 (Attn: Equity Syndicate), or by telephone at
(800) 414-3627 or by email at bmoprospectus@bmo.com .
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 the Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of that jurisdiction.
About Platinum Group Metals Ltd.
Platinum Group is based in Johannesburg, South Africa and Vancouver, Canada. The Company's business is currently focused on
the operation of the Project 1 "Maseve" platinum mine and the exploration and feasibility engineering on the newly discovered
Waterberg platinum and palladium deposit, where the Company is the operator of the Waterberg JV Project with JOGMEC and
Mnombo.
On behalf of the Board of
Platinum Group Metals Ltd.
"R. Michael Jones"
President and CEO
The Toronto Stock Exchange and the NYSE MKT 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 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, that the Company's use of proceeds of the Offering may differ from those indicated;
uncertainty of production, development plans and cost estimates for the Maseve Mine; additional financing requirements; the
Company's ability to comply with the terms of its indebtedness; cash flow risks; risks of delays in the production ramp-up of the
Maseve Mine; variations in market conditions; the nature, quality and quantity of any mineral deposits that may be located; metal
prices; other prices and costs; currency exchange rates; the Company's ability to obtain any necessary permits, consents or
authorizations required for its activities and to comply with applicable regulations; the Company's ability to produce minerals
from its properties successfully or profitably, to continue its projected growth, or to be fully able to implement its business
strategies; and other risk factors described in the Company's Form 40-F annual report, annual information form and other filings
with the SEC and Canadian securities regulators, including the registration statement, base shelf prospectus and prospectus
supplement relating to the Offering, which may be viewed at www.sec.gov and
www.sedar.com, respectively. Any forward-looking statement speaks
only as of the date on which it is made and, except as required by applicable securities laws, the Company disclaims any intent
or obligation to update any forward-looking statements, whether as a result of new information, future events or results or
otherwise.