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Break Fees Placed Into Escrow By Hebei Zhongbo And Eastplats
EASTERN PLATINUM LIMITED
(Incorporated in Canada)
(Canadian Registration number BC0722783)
(South African Registration number 2007/006318/10)
Share Code TSX: ELR ISIN: CA2768555096
Share Code JSE: EPS ISIN: CA2768555096
BREAK FEES PLACED INTO ESCROW BY HEBEI ZHONGBO AND EASTPLATS
April 9, 2015, Vancouver, British Columbia – Eastern Platinum
Limited (“Eastplats” or the “Company”) is pleased to announce
that both Hebei Zhongbo Platinum Co. Limited (“Hebei”) and
Eastplats have met their contractual obligations to lodge the
break fees of US$11.25 million each with the escrow agent as
required under the terms of the share purchase agreements (the
“SPAs”) whereby Hebei would acquire the Company’s entire South
African platinum group metal business (including a majority of
the interests held by the Company’s existing minority partners)
and all loan agreements that Eastplats has with its subsidiary
companies as previously reported in the Company’s press release
dated November 7, 2014. The break fees are payable as liquidated
damages upon the occurrence of certain events of default under
the SPAs.
“Both Hebei and Eastplats have put significant effort into
complying with the contractual terms and working through the
specific conditions that Hebei has had to comply with in China. As
a result of the break fees being placed into escrow, both parties
can now concentrate on obtaining the remaining South African
approvals for the transaction,” said Ian Rozier, President and CEO
of Eastplats.
9 April 2015
For further information, please contact:
EASTERN PLATINUM LIMITED
Ian Rozier, President and CEO
+1-604-685-6851 (tel)
+1-604-685-6493 (fax)
info@eastplats.com
www.eastplats.com
JSE SPONSOR
David Tosi
PSG Capital (Pty) Limited
Email: davidt@psgcapital.com
Tel: +27 21 887 9602
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein.
Cautionary Statement Regarding Forward-Looking Information
This press release contains ‘forward-looking information’ within
the meaning of Canadian securities legislation. Forward-looking
information in this press release includes information about the
completion, timing and potential benefits of the proposed
transaction between Eastplats and Hebei Zhongbo. These forward-
looking statements are subject to a variety of risks and
uncertainties which could cause actual events or results to differ
materially from those anticipated, including, the contemplated
transaction not being completed as a result of a number of factors
including, without limitation, the shareholders of Eastplats not
approving the transaction or required regulatory approvals not
being obtained, and other risks and uncertainties. Readers should
not place undue reliance on the forward-looking information
contained in this news release. Eastplats does not undertake to
update any forward-looking information, except as required by
applicable securities laws.
Date: 10/04/2015 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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