Platinum Group Metals (PLG) Closes 225M Common Offering

January 4, 2013 9:06 AM EST
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Platinum Group Metals Ltd., (AMEX: PLG) has closed its previously announced public offering of common shares (the "Offering"). Pursuant to the Offering, the Company issued 225,000,000 common shares at a price of C$0.80 per common share, for aggregate gross proceeds of C$180,000,000. BMO Capital Markets, RBC Capital Markets and GMP Securities L.P. acted as joint bookrunners on the Offering and Raymond James Ltd., Stifel Nicolaus Canada Inc., CIBC and Cormark Securities Inc. acted as co-managers on the Offering.

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.

The common shares were offered by way of a short form prospectus filed in all provinces of Canada, and in the United States by way of a registration statement filed with the United States Securities and Exchange Commission. The Company has granted the Underwriters an option, exercisable for a period of 30 days, to purchase additional common shares representing an additional 15% of the Offering to cover over-allotments.

Certain directors and officers of the Company purchased common shares through the Offering. The Company has determined that there are exemptions available from the various requirements of Multilateral Instrument 61-101 for the issuance of any securities issued to insiders.

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