Platinum Group Metals Closes US$28.75 Million Bought Deal Financing Including Full Exercise of Over-Allotment Option

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 31, 2017) - Platinum Group Metals Ltd. (TSX:PTM)(NYSE MKT:PLG) ("Platinum Group Metals" or the "Company") announces that further to its press release of January 23, 2017, it has closed its public offering of common shares (the "Offering"), including the full exercise of the over-allotment option granted to the underwriters in connection with the Offering. Pursuant to the Offering, and including the full exercise of the over-allotment option, the Company has issued 19,693,750 common shares (the "Shares") at a price of US$1.46 per Share, for aggregate gross proceeds of US$28,752,875. A syndicate led by BMO Capital Markets, which also included Macquarie Capital Markets Canada Ltd., acted as the underwriters 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, and (iii) 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 [phone] Ext 4312 or by email at [e-mail]. 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, 25^th Floor, New York, NY 10036 (Attn: Equity Syndicate), or by telephone at [phone] or by email at [e-mail].