Platinum Group Metals completes US$80 million financing

On November 20, 2015, Platinum Group Metals Ltd. (Platinum Group) announced that it closed and drawn down a US$40 million loan facility 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 Liberty Mutual Insurance. Platinum Group has also drawn down a US$40 million working capital facility from the Sprott Resource Lending Partnership, originally executed in February 2015. Proceeds from the two facilities will be used for the operation of the WBJV Project 1 platinum mine near Rustenburg, South Africa, and for general working capital. Fasken Martineau advised Liberty Metals and Mining Holdings, LLC with a team that included Kristian Toth, Thomas Meagher, Jay Choi, Johanna Fipke, Steve Catania, Jamie McDonald, Conor McFadden and Gerald Ramsden.