| Tue 3 Jan 2012, 16:00 | | EPS - Eastern Platinum Limited - News release: Us$100 Million debt facility |
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EPS
EPS
EPS - Eastern Platinum Limited - News release: Us$100 Million debt facility
agreement completed - Replacement of announcement sent at 15h30
EASTERN PLATINUM LIMITED
(Incorporated in Canada)
(Canadian Registration number BC0722783)
(South African Registration number 2007/006318/10)
Share Code TSX: ELR ISIN: CA 2768551038
Share Code AIM: ELR ISIN: CA 2768551038
Share Code JSE: EPS ISIN: CA 2768551038
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 16:00:01 Produced by the JSE SENS Department.
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