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Platinum Group Metals enters US$33M bought-deal financing for Maseve platinum mine

Platinum GroupMetals Ltd. said May 5 that it has entered into an agreement with asyndicate of underwriters led by BMO Capital Markets that agreed to purchase, ona bought-deal basis, 11,000,000 of the company's common shares at US$3.00 each forgross proceeds of US$33 million.

The company granted the underwriters an overallotment option,which expires 30 days after the closing of the offering, to purchase up to an additional15% of the offering.

The offering is expected to close on or about May 26.

Net proceeds will be used for underground development and theproduction ramp-up at the Project 1 Maseveplatinum mine in South Africa and for working capital purposes.