The company's ATM was at an average price of $2.21.
It said the new placement priced at $2.23 to existing major shareholder Hosken Consolidated Investments would allow HCI to maintain more than a 31% stake in the company.
It planned to use the net proceeds of both raisings towards its share of pre-development costs on the Waterberg platinum group metals project in South Africa, partial debt repayment and general corporate purposes.
A 2019 definitive feasibility study considered Waterberg could be one of the largest and lowest cash cost underground PGM mines globally, with a 45-year mine life producing 420,000 ounces 4E annually in steady state production at an average cash cost of $640/oz.
South Africa-based producer and joint venture partner Impala Platinum walked away from the chance to gain a controlling stake in Waterberg in June, saying increased economic uncertainty caused by the COVID-19 pandemic had prompted the board to re-evaluate its corporate strategy.
It has maintained a 15% stake, while Japan Oil, Gas and Metals National Corporation has 12.195%, Hanwa 9.75% and black empowerment partners Mnombo Wethu Consultants 26%.
Platinum Group Metals controls 50.02% through its direct 37.05% interest and a 49% stake in Mnombo.
The company said last week its near-term objectives were to achieve the grant of a mining right for the palladium-dominant project and complete construction funding and concentrate offtake arrangements.
It was aiming to start production in the first quarter of 2024, according to a November presentation.
It reported a net loss of US$7.1 million for the year to August 31, down from $16.8 million a year earlier.
Its shares (TSX: PTM) have ranged from C$1.25-$3.86 over the past year and closed down 3.8% to $3.25 yesterday, capitalising it at $227 million (US$175 million).