Platinum Group Metals Ltd. completes purchase and cancellation of US$20 million convertible notes

On February 11, 2022, Platinum Group Metals Ltd. (TSX: PTM) (NYSE American: PLG) ("Platinum Group") announced the completion of the privately negotiated purchase and cancellation of the company's US$20 million 6 7/8% Convertible Senior Subordinated Notes.

On the purchase of the notes, Platinum Group issued an aggregate of 11,793,509 Common Shares of the company in consideration for the principal outstanding balance of the notes, being a price of approximately US$1.695 per share. Platinum Group also paid accrued and unpaid interest on the notes in cash.

Platinum Group purchased a total of US$20 million of the notes – US$12 million of the notes from an affiliate of Kopernik Global Investors, LLC on February 4, 2022 and US$8 million of the notes from affiliates of Franklin Templeton Investments on February 10, 2022.

Platinum Group is the operator of the Waterberg Project, a bulk underground palladium and platinum deposit located in South Africa.

Gowling WLG advised Platinum Group with respect to this transaction with a team led by Daniel Allen and that included Brett Kagetsu, Jill Dunn, Raymond Ong and Ethan Chang (corporate) and Brent Kerr (tax).