The company had closed a US$12 million at-the-market offering last week, at an average share price of $2.21, then yesterday closed a separate $2.5 million placement to its major shareholder.
The latest placement, priced at $2.23, means black empowered holding company Hosken Consolidated Investments maintains more than a 31% stake.
Platinum Group Metals said it intended to use the net proceeds for its share of pre-development costs on Waterberg, partial debt repayment and general corporate and working capital purposes.
The company remains the majority owner of Waterberg after PGM producer and joint venture partner Impala Platinum walked away from the chance to gain a controlling stake in Waterberg in June.
Implats has a 15% stake, Japan Oil, Gas and Metals National Corporation 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.
Its shares (TSX: PTM) have doubled since the start of this month.
They reached a 52-week peak of C$6.64 yesterday, before closing up 21.2% to $6.17, to capitalise PTM at $431.3 million (US$337 million).
Its shares had traded around $30 in early 2017, before hitting the skids on financial woes and issues at its Maseve mine in South Africa, which was mothballed and sold.