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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 9, 2015) - Eastern Platinum Limited (the "Company" or "Eastplats") (ELR.TO)(EPS) reports, further to its news release of October 22, 2015, that it has sought clarification from Hebei Zhongbo Platinum Co. Limited ("HZP") as to the validity of statements made by Beijing Hehe Fengye Investment Co. Ltd. ("Beijing Hehe") in its press release of October 21, 2015 (the "Beijing Hehe Release"). As a result of such inquiries, the Company has been advised that Beijing Hehe's approval as a shareholder is required for HZP to execute the definitive agreements necessary to give effect to the restructured transaction between Eastplats and HZP as detailed in a news release of the Company dated June 8, 2015. Further, as detailed in the Beijing Hehe Release, Beijing Hehe has stated that it does not intend to provide such approval. The Company understands that the shareholders of HZP are currently engaged in a process to resolve their differences. HZP has however advised the Company that, until such resolution occurs, the transaction cannot proceed. 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 HZP. 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, 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.
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Eastern Platinum Limited
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PRODUCER |
CODE : ELR.TO |
ISIN : CA2768551038 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Eastern Platinum is a platinum producing company based in Canada. Eastern Platinum produces platinum, palladium in South Africa. Its main asset in production is CROCODILE RIVER in South Africa and its main exploration properties are KENNEDY'S VALE, MAREESBURG and SPITZKOP in South Africa. Eastern Platinum is listed in Canada, in Germany and in United Kingdom. Its market capitalisation is CA$ 13.0 millions as of today (US$ 9.4 millions, € 8.9 millions). Its stock quote reached its highest recent level on August 05, 2011 at CA$ 9.90, and its lowest recent point on August 11, 2023 at CA$ 0.07. Eastern Platinum has 92 639 032 shares outstanding. |