 | | | Published : March 22nd, 2007 | ANNOUNCES TERMS OF OFFERING |
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| | Thursday, March 22, 2007
EASTERN PLATINUM LIMITED ANNOUNCES TERMS OF OFFERING
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Vancouver, BC -- March 22, 2007 -- Eastern Platinum Limited (TSX: ELR, AIM: ELR) (the "Company") announced today that it has entered into an underwriting agreement with a syndicate of underwriters led by Canaccord Capital Corporation and GMP Securities LP and including UBS Securities Canada Inc. and Raymond James Ltd. to sell 92,105,300 common shares at a price of C$1.90 per share to raise gross proceeds of C$175,000,070 pursuant to a short form prospectus (the "Offering"). The Company has granted the underwriters an over-allotment option to purchase that number of additional common shares equal to up to 15% of the common shares sold pursuant to the Offering, exercisable at any time up to 30 days from the closing of the Offering.
The Company intends to use the net proceeds of the Offering to enable the Company to accelerate the development of its Spitzkop Platinum Group Metals ("PGM") Project on the Eastern limb of the Bushveld Igneous Complex ("BIC"), for the investigation and potential refurbishment of the smelter that exists at Barplats' Crocodile River Mine, for the potential corporate acquisition of accretive assets, and for general working capital purposes.
The Offering is expected to close on or about April 12, 2007
Eastern Platinum Limited is a PGM producer engaged in the acquisition, development and mining of PGM properties located in various provinces in South Africa. All of the Company's properties are situated on the western and eastern limbs of the BIC, the geological environment that supports over 70% of the world's PGM supply.
For further information, please contact:
Mr. Ian Rozier, M.Sc., P.Eng., President & CEO
Website: www.eastplats.com
Email: info@eastplats.com
#408 -- 837 West Hastings Street
Vancouver, BC, Canada, V6C 3N6
Tel: 604-685-6851 Fax: 604-685-6493
OR
NOMAD: Canaccord Adams Limited, London
Email: Robin.Birchall@canaccordadams.com
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