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ATLATSA RESOURCES CORPORATION - Atlatsa Resources Corporation announces update on delay in filing of unaudited interim financial statements

Release Date: 11/09/2017 17:45
Code(s): ATL     PDF:  
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Atlatsa Resources Corporation announces update on delay in filing of unaudited interim financial statements

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

ATLATSA RESOURCES CORPORATION ANNOUNCES UPDATE ON DELAY IN FILING OF
UNAUDITED INTERIM FINANCIAL STATEMENTS

September 11, 2017 – Atlatsa Resources Corporation (“Atlatsa” or the “Company”) (TSX: ATL; JSE:
ATL) announced on August 14, 2017 (the “Default Announcement”) that, due to its recently
announced financial restructure plan (the “Restructure Plan”) with Anglo American Platinum Limited
(“AAP”), it was not in a position to file its unaudited interim financial statements for the three and six
months ended June 30, 2017, the related management’s discussion and analysis, and the related CEO
and CFO certificates by the filing deadline. At this time, it is uncertain as to when the Company will be
able to finalize its financial statements and related disclosures.

As previously announced, one of the salient features of the Restructure Plan is that AAP and Atlatsa
have determined to place Bokoni Mine on care and maintenance, owing to continuing operational losses
in a depressed platinum market. In order to maintain medium to longer term optionality for production
to re-commence at Bokoni Mine, AAP has agreed to fully fund a care and maintenance strategy for the
operations up until December 31, 2019. The care and maintenance strategy for Bokoni Mine will be
reviewed on an ongoing basis during this period, having regard to macro and micro economic
fundamentals relating to Bokoni Mine.

The Company has made and the British Columbia Securities Commission, as principal regulator for the
Company, has approved an application under National Policy 12-203 - Management Cease Trade
Orders (“NP 12-203”) requesting that a management cease trade order be imposed in respect of this
late filing rather than an issuer cease trade order. The issuance of a management cease trade order
generally does not affect the ability of persons who have not been directors, officers or insiders of the
Company to trade in their securities. The British Columbia Securities Commission issued the
management cease trade order on August 15, 2017.

The Company confirms that it will satisfy the provisions of the alternative information guidelines under
NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it
remains in default of the filing requirements to file its unaudited interim financial statements and MD&A
within the prescribed period of time.

The Company confirms that there has been no changes to the information contained in the Default
Announcement, there has been no failures with respect to the Company fulfilling its stated intention of
satisfying the provisions of the alternative information guidelines, there has been no information
regarding any anticipated special default subsequent to the default which is the subject of the Default
Announcement and there is no other material information concerning the status of the default and its
affairs that has not been generally disclosed.

Queries:

On behalf of Atlatsa
Joel Kesler
Chief Commercial Officer
Office: +27 11 779 6800
Email: Joel@atlatsa.com

JSE Sponsor:
One Capital Sponsor Services Proprietary Limited
Taryn Carter
Office: +27 11 550 5000
E-mail: sponsor@onecapital.co.za


Cautionary note regarding forward-looking information

This document contains “forward-looking statements” within the meaning of the applicable Canadian
securities laws that are based on Atlatsa’s expectations, estimates and projections as of the dates as
of which those statements are made, including statements relating to anticipated financial or operational
performance. Generally, these forward-looking statements can be identified by the use of forward-
looking terminology including without limitation, statements relating to potential acquisitions and/or
disposals, future production, reserve potential, exploration drilling, exploitation activities and events or
developments that Atlatsa expects such statements appear in a number of different places in this
document and can be identified by words such as “anticipate”, “estimate”, “project”, “expect”, “intend”,
“believe”, “plan”, “forecasts”, “predicts”, “schedule”, “forecast”, “predict”, “will”, “could”, “may”, or their
negatives or other comparable words. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause Atlatsa’s actual results, performance or
achievements to be materially different from any future results, performance or achievements that may
be expressed or implied by such forward-looking statements.

Atlatsa believes that such forward-looking statements are based on material factors and reasonable
assumptions, including the following assumptions: maintaining production levels at Bokoni in
accordance with mine operating plan; anticipated financial and operational improvements expected as
a result of the Restructure Plan; the Company’s ability to refinance its debts as and when due; the
provision of goods and/or services by contracted parties on the agreed timeframes; availability of
equipment available as scheduled; absence of material labour slowdowns, strikes or community unrest;
proper functioning of plant and equipment functions; absence of mine plan changes resulting from a
change in geological or financial parameters; and absence of geological or technical problems.

Forward-looking statements, however, are not guarantees of future performance and actual results or
developments may differ materially from those projected in forward-looking statements. Factors that
could cause actual results to differ materially from those in forward looking statements include:
uncertainties related to the achievement of the anticipated financial and operational improvements
expected as a result of the Restructure Plan; uncertainties related to the continued implementation of
the Bokoni operating plan; uncertainties related to the termination and rehabilitation of the Klipfontein
Merensky Opencast Mine operation; uncertainties related to the timing of the implementation of the
Bokoni deferred expansion plans which includes the accelerated development of the Brakfontein and
Middelpunt Hill shafts; fluctuations in market prices, levels of exploitation and exploration successes;
changes in and the effect of government policies with respect to mining and natural resource exploration
and exploitation; continued availability of capital and financing; general economic, market or business
conditions; failure of plant, equipment or processes to operate as anticipated; accidents, labour
disputes, industrial unrest and strikes; political instability; suspension of operations and damage to
mining property as a result of community unrest and safety incidents; insurrection or war; the effect of
HIV/AIDS on labour force availability and turnover; delays in obtaining government approvals; and the
Company’s ability to satisfy the terms and conditions of the loans and borrowings, MD&A – Section 2 –
“Liquidity”, a copy of which can be found on SEDAR at www.sedar.com and under “Going Concern” in
note 2 of the condensed consolidated interim financial statements. These factors and other risk factors
that could cause actual results to differ materially from those in forward-looking statements are
described in further detail under Item “Risk Factors” in Atlatsa’s Annual Information Form for Fiscal
2016, which is available on SEDAR at www.sedar.com.

Atlatsa advises investors that these cautionary remarks expressly qualify in their entirety all forward-
looking statements attributable to Atlatsa or persons acting on its behalf. Atlatsa assumes no obligation
to update its forward-looking statements to reflect actual results, changes in assumptions or changes
in other factors affecting such statements, except as required by law. Investors should carefully review
the cautionary notes and risk factors contained in this document and other documents that Atlatsa files
from time to time with, or furnishes to; Canadian securities regulators and which are available on
SEDAR at www.sedar.com.

Date: 11/09/2017 05:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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