Eastplats Announces Platinum Pipeline Finance Facility Agreement with Investec Bank Limited Updated and Filed
Eastplats Announces Platinum Pipeline
Finance Facility Agreement with Investec Bank
Limited Updated and Filed
Vancouver, British Columbia--(Newsfile Corp. - November 10, 2022) - Eastern Platinum Limited
(TSX:
ELR) (JSE: EPS)
("
Eastplats
" or the "
Company
") announces the signed pipeline finance agreement
between Investec Bank Limited ("
Investec
") and Barplats Mine (Pty) Ltd, a wholly owned subsidiary of
Eastplats, which delivers tailings platinum group metals to Impala Platinum Limited previously
announced on September 22, 2022, has been updated. The maximum size of the credit facility was
reduced from R150 million (C$11.3 million) to R110 million (C$8.3 million). The facility will be used for
working capital purposes and funding the restart of the Zandfontein underground section of its flagship
Crocodile River Mine, located near Brits, South Africa. Investec is a leading South African international
banking and wealth management group.
Highlights of the key terms of the finance facility include:
Renewable 12-month revolving commodity finance facility secured by platinum group metal
("
PGM
") production from the tailings storage facility at the Crocodile River Mine.
Indicative rate on financing - 3 month Johannesburg Interbank Average Rate ("
JIBAR
") + margin
agreed between the Company and Investec. The interest rate is subject to the credit quality of the
PGM off-taker on an annual basis.
Immediate pay-out to the Company on the PGM concentrate delivery date.
The maximum size of the credit facility is R110 million (C$8.3 million).
Guaranteed prices through a fixed-price swap hedge overlay on platinum, palladium, rhodium, and
gold (4E) minerals.
The finance facility agreement has been filed under the Company's profile on SEDAR at
www.sedar.com
.
About Investec
Investec partners with private, institutional, and corporate clients, offering international banking,
investment, and wealth management services in two principal markets, South Africa and the United
Kingdom, as well as certain other countries. The group was established in 1974 and currently has
approximately 8,200+ employees. Investec has a dual listed company structure with listings on the
London and Johannesburg Stock Exchanges. Investec's current market capitalization is approximately
£3 billion.
About Eastern Platinum Limited
Eastplats owns directly and indirectly a number of PGM and chrome assets in the Republic of South
Africa. All of the Company's properties are situated on the western and eastern limbs 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.
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", "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.sedar.com
.
In particular, this press release contains, without limitation, forward-looking statements pertaining to: the
use of proceeds from the finance facility, and successful restart of the Zandfontein underground and
development of eastern limb projects. 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 our 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.sedar.com
.
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/143746