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Trading Symbol: ELR (TSX); EPS (JSE)
VANCOUVER, Dec. 9, 2016 /CNW/ - Eastern Platinum Limited
("Eastplats" or the "Company") announces that Hebei
Zhongheng Tianda Platinum Co. Limited ("HZT") has filed a
notice of civil claim in the British Columbia Supreme Court against
the Company and several of its subsidiaries with respect to an
alleged repudiation and breach of the share purchase agreement
dated June 28, 2016 entered into with
HZT by former management of the Company (the "Purchase
Agreement"). Further details with respect to the terms
and conditions of the Purchase Agreement and related transactions
are described in the Company's prior filings, including its
management discussion and analysis for the period ended
September 30, 2016, as filed on the
Company's SEDAR profile at www.sedar.com. The action seeks,
among other relief, specific performance of the Purchase Agreement
or damages in lieu thereof and costs. The Company intends to
vigorously defend against the action and to refute many of the
facts and allegations made in the claim. Once the Company and
its subsidiaries have been formally served with the claim they will
respond in due course.
Cautionary Statement Regarding Forward-Looking
Information
This press release contains "forward-looking statements" or
"forward-looking information" (collectively referred to herein as
"forward-looking statements") within the meaning of
applicable securities legislation. Such forward-looking
statements include, without limitation, forecasts, estimates,
expectations and objectives for future operations that are subject
to a number of assumptions, risks and uncertainties, many of which
are beyond the control of the Company. Forward-looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "will", "plan",
"intends", "may", "will", "could", "expects", "anticipates" and
similar expressions.
In particular, this press release contains forward-looking
statements pertaining to: the lawsuit; the Company's belief with
respect to the merits of the lawsuit; the Company's intention to
refute many of the facts and allegations made in the claim; the
Company's intention to file a response; and the Company's intention
to vigorously defend against the lawsuit. These
forward-looking statements are based on assumptions made by and
information currently available to the Company. Although
management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be
incorrect. By their very nature, forward-looking statements
involve inherent risks and uncertainties and readers are cautioned
not to place undue reliance on these statements as a number of
factors could cause actual results to differ materially from the
beliefs, plans, objectives, expectations, estimates and intentions
expressed in such forward-looking statements. These factors
include, but are not limited to, commodity prices, economic
conditions, currency fluctuations, competition and regulations,
legal proceedings and risks related to operations in foreign
countries.
The forward-looking statements in this press release are made as
of the date they are given and, except as required by applicable
securities laws, the Company disclaims any intention or obligation
to publically update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
No stock exchange, securities commission or other
regulatory authority has approved or disapproved the information
contained herein.
SOURCE Eastern Platinum Limited