| Wed 24 Nov 2010, 8:35 | | EPS - Eastern Platinum Limited - Eastern Platinum Limited announces terms of |
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EPS
EPS
EPS - Eastern Platinum Limited - Eastern Platinum Limited announces terms of
offering
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 23, 2010
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
NEWS RELEASE
EASTERN PLATINUM LIMITED ANNOUNCES TERMS OF OFFERING
Vancouver, BC - November 23, 2010 - Eastern Platinum Limited (TSX: ELR, AIM:
ELR, JSE: EPS) (the "Company") announced today that it has entered into an
underwriting agreement with a syndicate of underwriters led by Canaccord Genuity
Corp. and UBS Securities Canada Inc. and including GMP Securities LP, Goldman
Sachs Canada Inc., Raymond James Ltd. and Paradigm Capital Inc. to sell
195,000,000 common shares at a price of C$1.55 per share to raise gross proceeds
of C$302,250,000 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 after the
closing of the Offering.
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 is anticipated to resume on the Johannesburg
Stock Exchange on Wednesday, November 24, 2010 from the commencement of trade.
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
OR
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 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: 24/11/2010 08:35:26 Produced by the JSE SENS Department.
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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.
