| Tue 3 Jan 2012, 15:30 | | EPS - Astern Platinum Limited - News Release: US$100 Million debt facility |
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EPS
EPS
EPS - Astern Platinum Limited - News Release: US$100 Million debt facility
agreement completed
ASTERN 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
January 3, 2012
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
NEWS RELEASE: US$100 MILLION DEBT FACILITY AGREEMENT COMPLETED
Eastern Platinum Limited (the "Company" or "Eastplats") is pleased to report
that further to its press release of February 1, 2011 announcing the receipt of
letters of commitment for a debt facility, it has now signed a definitive
agreement with UniCredit Bank AG, London Branch and Standard Finance (Isle of
Man) Limited (a subsidiary of The Standard Bank of South Africa Limited) for a
US$100 million financing package to be used to part fund the development costs
of its Mareesburg Project and the construction costs of the associated
concentrator.
Highlights of the key terms of the financing package include:
Scheduled tenor of 5.5 years with an 18 month grace period for principal
repayments
Separate term and revolving loan facilities (US$70 million and US$30 million,
respectively)
Initial interest rate of US LIBOR + 3.85% rising to US LIBOR + 4.15% for the
last 2.5 years of the loan. US one-month LIBOR currently sits at approximately
0.26%.
No required commodity, currency or interest rate hedging
The term loan and revolving loan can be drawn down upon the satisfaction of
agreed conditions precedent which is expected to occur on or prior to March 31,
2012.
"This financing, combined with our existing cash resources, provide us with
substantial flexibility over the upcoming year as we complete the development of
Mareesburg and the construction of the concentrator within the next twelve
months. We thank both UniCredit and Standard Bank for their ongoing support and
commitment to Eastplats and are very pleased to be in such a well-capitalized
position for this next stage of our corporate growth. We expect Mareesburg to be
a low-cost operation that will deliver 100,000 PGM ounces per year at full
production," said Ian Rozier, President and CEO of Eastplats.
Total shares issued and outstanding: 928,187,807
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
Cautionary Statement on Forward-Looking Information
Certain statements included herein constitute "forward-looking statements"
within the meaning of applicable Canadian securities legislation. These forward-
looking statements are based on certain assumptions by Eastplats and therefore,
readers are cautioned that forward-looking statements are not a guarantee of
future performance. There can be no assurance that such statements will prove to
be accurate and actual results could differ materially from those expressed or
implied in such forward-looking statements due to factors such as general
economic and market conditions, changes in government legislation, controls,
regulations and political developments.
The Company disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future events
or otherwise, except to the extent required by applicable laws.
For further information contact:
Investor Relations
Website: www.eastplats.com
Email: info@eastplats.com
Tel: +1-(604)-685-6851, Fax: +1-(604)-685-6493
NOMAD:
Rob Collins/Bhavesh Patel
Canaccord Genuity Limited, London
Email: rcollins@canaccordgenuity.com / bpatel@canaccordgenuity.com
Tel: +44 20 7050 6500
JSE SPONSOR:
Johan Fourie
PSG Capital (Pty) Limited
Email: johanf@psgcapital.com
Tel: +27 21 887 9602
Date: 03/01/2012 15:30:01 Produced by the JSE SENS Department.
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