Eastern Platinum Limited Receives Approval from South Africa Competition Commission Regarding Rights Offering Transaction
Eastern Platinum Limited Receives Approval
from South Africa Competition Commission
Regarding Rights Offering Transaction
Vancouver, British Columbia--(Newsfile Corp. - November 7, 2023) - Eastern Platinum Limited (TSX:
ELR) (JSE: EPS) ("
Eastplats
" or the "
Company
") has obtained approval from the South Africa
Competition Commission
regarding the acquisition of common shares of the Company by Ka An
Development Co. Limited pursuant to the rights offering (see news release of May 8, 2023) (the
"
Transaction
"), subject to
establishment of an employee share ownership program ("
ESOP
"), which will
hold at least 5% of Barplats Mines (Pty) Limited ("
Barplats
") and will be established within 6 months
from Barplats attaining a steady state of certain run of mine tonnages for a period of six consecutive
months.
About Eastern Platinum Limited
Eastplats owns directly and indirectly a number of platinum group metals ("
PGM
") and chrome assets in
the Republic of South Africa. All of the Company's properties are situated on the western limb (Crocodile
River Mine) and eastern limb (Kennedy's Vale, Spitzkop, Mareesburg) of the Bushveld Complex, the
geological environment that hosts approximately 80% of the world's PGM-bearing ore.
Operations at the Crocodile River Mine currently include re-mining and processing its tailings resource
to produce PGM and chrome concentrates from the Barplats Zandfontein tailings dam.
www.eastplats.com
For further information, please contact:
EASTERN PLATINUM LIMITED
Wylie Hui, Chief Financial Officer and Corporate Secretary
(email)
(604) 800-8200 (phone)
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking statements" or "forward-looking information" (collectively
referred to herein as "
forward-looking statements
") within the meaning of applicable securities
legislation.
Such forward-looking statements include, without limitation, forecasts, estimates,
expectations and objectives for future operations that are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company.
Forward-looking statements are
statements that are not historical facts and are generally, but not always, identified by the words "will",
"plan", "intends", "may", "will", "could", "expects", "anticipates" and similar expressions. Further
disclosure of the risks and uncertainties facing the Company and other forward-looking statements are
discussed in the Company's most recent Annual Information Form available under the Company's profile
on
www.sedarplus.ca
.
In particular, this press release contains forward-looking statements pertaining to: the potential
establishment of the ESOP. These forward-looking statements are based on assumptions made by and
information currently available to the Company. Although management considers these assumptions to
be reasonable based on information currently available to it, they may prove to be incorrect. By their very
nature, forward-looking statements involve inherent risks and uncertainties and readers are cautioned
not to place undue reliance on these statements as a number of factors could cause actual results to
differ materially from the beliefs, plans, objectives, expectations, estimates and intentions expressed in
such forward-looking statements. These factors include, but are not limited to, unanticipated problems
that may arise in the Company's production processes, commodity prices, lower than expected grades
and quantities of resources, need for additional funding and availability of such additional funding on
acceptable terms, economic conditions, currency fluctuations, competition and regulations, legal
proceedings and risks related to operations in foreign countries.
All forward-looking statements in this press release are expressly qualified in their entirety by this
cautionary statement, the "
Cautionary Statement on Forward-Looking Information
" section contained in
the Company's most recent Management's Discussion and Analysis available under the Company's
profile on
www.sedarplus.ca
.
The forward-looking statements in this press release are made as of the
date they are given and, except as required by applicable securities laws, the Company disclaims any
intention or obligation, and does not undertake, to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
No stock exchange, securities commission or other regulatory authority has approved or
disapproved the information contained herein.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/186475