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ATLATSA RESOURCES CORPORATION - Update on Restructure Plan : Atlatsa implements key components of Restructure Plan

Release Date: 18/12/2013 15:00
Code(s): ATL     PDF:  
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Update on Restructure Plan : Atlatsa implements key components of Restructure Plan

 Atlatsa Resources Corporation
(previously Anooraq Resources Corporation)
(Incorporated in British Columbia, Canada)
(Registration number 10022-2033)
(TSXV/JSE share code: ATL)
(NYSE MKT share code: ATL)
 (“Atlatsa” or the “Company”)
(ISIN: CA0494771029)

UPDATE ON RESTRUCTURE PLAN: ATLATSA IMPLEMENTS KEY COMPONENTS OF RESTRUCTURE PLAN

Atlatsa confirms that it has implemented the following series of transactions, comprising key components of its Restructure Plan previously announced on 27 March 2013 (“Restructure Plan”):

- The conclusion and implementation of Atlatsa’s new debt and working capital facilities agreed with Anglo American Platinum Limited (“Anglo American Platinum”); and

- The sale and transfer by Atlatsa of mineral properties to Anglo American Platinum, comprising the eastern section of the Ga Phasha PGM project, together with its entire interest in the Boikgantsho PGM project for an aggregate purchase consideration of ZAR 1.7 billion (US$ 165 million).

The proceeds from such asset sales have been utilised by Atlatsa to reduce its historical debt owing to Anglo American Platinum.

It is anticipated that the final component of the Restructure Plan will be completed during January 2014, when Anglo American Platinum will effect an equity financing into Atlatsa by subscribing for 125 million new shares in the Company for an aggregate subscription price of ZAR 750 million (US$ 73 million).
The proceeds from such equity financing will be utilised by Atlatsa to further reduce historical debt owing to Anglo American Platinum.

Implementation of the Restructure Plan will result in a material reduction in Atlatsa’s balance sheet debt position and its cost of borrowing going forward.



Please refer to www.atlatsaresources.co.za for full details of the Restructure Plan.

Johannesburg
18 December 2013

JSE Sponsor
Macquarie First South Capital Proprietary Limited

For further information:

On behalf of Atlatsa Resources                                   Russell and Associates                 Macquarie First South Capital

Joel Kesler, Chief Commercial Officer                            Pam Wolstenholme                       Annerie Britz

Office: +27 11 779 6800                                          Office: +27 11 880 3924                Office: +27 11 583 2000

Mobile: +27 82 454 5556                                          Mobile: +27 82 872 6387


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