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Trading Symbol: ELR (TSX); EPS (JSE)
VANCOUVER, Aug. 22, 2017 /CNW/ - Eastern Platinum
Limited ("Eastplats" or the "Company") reports that
it has received a written notice, purporting to terminate on the
basis of breach or default, on behalf of Hebei Zhonghen Tianda
Platinum Co. Limited ("HZT") the June
28, 2016 (the "Share Purchase Agreement") in relation
to the sale of the Company's South African subsidiary, Barplats
Mines Limited, which holds the Crocodile River Mine. As previously
disclosed, the Company and its subsidiaries are contesting the
litigation previously initiated by HZT seeking to enforce the Share
Purchase Agreement and damages against the Company, have previously
notified HZT that in its view the Share Purchase Agreement, if
valid was already at an end, and deny any breach or default. The
Company has also been advised of a further notice purportedly being
given by HZT seeking the release to it of the escrow and break-fee
funds being held by an independent escrow agent in connection with
the transactions contemplated under the Share Purchase Agreement.
The Company is assessing the implications of these notices and will
respond to them in due course in light of the underlying agreements
and the outstanding litigation.
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. Further disclosure of the risks and
uncertainties facing the Company and other forward-looking
statements are discussed in the Company's Annual Information Form
and Management's Discussion and Analysis which are available under
the Company's profile on www.sedar.com.
In particular, this press release contains forward-looking
statements pertaining to: the purported termination of the Share
Purchase Agreement, the release of the $10,000,000 escrow funds deposited by HZT and the
$5,000,000 break fee deposited by the
Company under the Share Purchase Agreement and associated escrow
agreement and the consequences of the foregoing under the
outstanding litigation between HZT, the Company and its
subsidiaries. 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, lower than expected grades and
quantities of resources, needs for additional funding, availability
of such additional funding and that funding will be on acceptable
terms, 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 publicly 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