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Platinum Group Metals: Vancouver, Bc V6C 2B5 P: 604-899-5450 F: 604-484-4710 News Release

The following excerpt is from the company's SEC filing.

No. 15-308

Platinum Group Metals Closes US $80 Million In Financing

(Vancouver/Johannesburg)

Platinum Group Metals Ltd.

(PTM-TSX; PLG-NYSE MKT) (Platinum Group or the Company) announces that further to its press release dated November 2, 2015 the Company has received the necessary consents and approvals and has closed and drawn down a US $40 million loan facility (coupon at 9.5% over US Libor) with a production payment (1.5% with a 1.0% buy back option) with its largest shareholder Liberty Metals and Mining Holdings, LLC, a subsidiary of Boston based Li berty Mutual Insurance (the LMM Facility). The Company has issued 3,485,839 common shares in connection with its draw down of the LMM Facility at a deemed price of CDN $0.3045 per share. See the Companys November 2, 2015 press release for detailed terms.

The Company has also drawn down a US $40 million working capital facility (coupon at 8.5% over US LIBOR) from the Sprott Resource Lending Partnership (the Sprott Facility and together with the LMM Facility, the Facilities), originally executed in February, 2015. The Company has issued 3,485,839 common shares in connection with its draw down of the Sprott Facility at a deemed price of CDN $0.3045 per share.

Closing and draw down of the Facilities was completed simultaneously. All common shares issued under the Facilities are subject to a Canadian hold period of four months and one day.

The use of proceeds for the facilities will be the operation of the WBJV Project 1 platinum mine and for general working capital. The Company will now initiate hot commissioning and continue with underground development at the WBJV Project 1 platinum mine near Rustenburg, South Africa as planned and previously announced.

R. Michael Jones, CEO and Co-founder of Platinum Group Metals said We are very pleased to complete this transaction with the clear support and vision of our major shareholders. We look forward to the ramp up of our first mine with an eye on continued solid demand for platinum and palladium and improved markets in the near and medium term.

About Platinum Group Metals Ltd.

Platinum Group Metals Ltd., based in Johannesburg, South Africa and...


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