| Tue 23 Nov 2010, 7:53 | | EPS - Eastern Platinum Limited - Eastern Platinum Limited announces C$300 |
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EPS
EPS
EPS - Eastern Platinum Limited - Eastern Platinum Limited announces C$300
Million Equity Financing
EASTERN PLATINUM LIMITED
(Incorporated in Canada)
(Canadian Registration number BC0722783)
(South African Registration number 2007/006318/10)
Share Code TSX: ELR ISIN: CA2768551038
Share Code AIM: ELR ISIN: CA2768551038
Share Code JSE: EPS ISIN: CA2768551038
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
November 22, 2010
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
NEWS RELEASE
EASTERN PLATINUM LIMITED ANNOUNCES C$300 MILLION EQUITY FINANCING
Vancouver, BC - November 22, 2010 - Eastern Platinum Limited (TSX: ELR, AIM:
ELR, JSE: EPS) (the "Company") announced today that it has filed a preliminary
short form prospectus in connection with an overnight-marketed public offering
of common shares to raise approximately C$300 million (the "Offering"). The
Offering will be conducted through a syndicate of underwriters led by Canaccord
Genuity Corp. and UBS Securities Canada Inc. The Company is proposing to grant
to 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 after the closing of the
Offering. The Offering is subject to certain conditions, including regulatory
approval.
The Offering will be priced in the context of the market with final terms of the
Offering to be determined at the time of pricing. The Company intends to use
the net proceeds of the Offering to fund Phase 1 of the Eastern Limb development
plan as well as for general working capital purposes.
The Offering is expected to close on or about December 8, 2010.
Trading in the Company`s shares will be halted on both the AIM market of the
London Stock Exchange and on the Johannesburg Stock Exchange on Tuesday,
November 23, 2010 at 7.30 am (GMT) pending finalization of the terms of the
proposed Offering.
Eastern Platinum Limited is a platinum group metals 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 Bushveld Complex, the geological environment
that supports over 70% of the world`s PGM supply.
Total shares issued and outstanding - 683,191,898
For further information, please contact:
Ian Rozier, President & C.E.O.
+1-604-685-6851 (tel)
+1-604-685-6493 (fax)
info@eastplats.com
www.eastplats.com
NOMAD:
Ryan Gaffney / Ryan Cohen
Canaccord Genuity Limited, London
Email: rgaffney@canaccordgenuity.com / rcohen@canaccordgenuity.com
+44 20 7050 6500
JSE SPONSOR:
Johan Fourie
PSG Capital (Pty) Limited
Email: johanf@psgcapital.com
Tel: +27 21 887 9602
Certain statements contained in this news release constitute forward-looking
statements including the granting of an over-allotment option and the proposed
closing date of the financing. Such forward-looking statements involve a number
of known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company`s plans to differ
materially from any future results, performance or achievements expressed or
implied by such forward-looking statements including market conditions. Readers
are cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date the statements were made, and readers are
advised to consider such forward-looking statements in light of the risks set
forth in the Company`s Annual Information Form dated March 31, 2010, a copy of
which is available at www.sedar.com.
This press release shall not constitute an offer to sell or a solicitation of an
offer to buy any securities in the United States. The securities have not been
registered under the U.S. Securities Act of 1933 and may not be offered or sold
in the United States absent registration or an exemption from the registration
requirements of the U.S. Securities Act of 1933.
Date: 23/11/2010 07:53:01 Produced by the JSE SENS Department.
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JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
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employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
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information disseminated through SENS.
