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Trading Symbol: ELR (TSX); EPS (JSE)
VANCOUVER, June 7, 2018 /CNW/ - Eastern Platinum Limited
("Eastplats" or the "Company") announces that it
along with Eastplats Acquisition Co. Ltd, and Eastern Platinum
Holdings Limited (collectively, along with Eastplats, the
"Eastplats Companies") has filed notices of civil claim
related to two separate actions in the British Columbia Supreme
Court.
The first claim is brought against Serina Services AG
("Serina") and Ingwenya Incorporated ("Ingwenya") in
relation to the payment of the $13,666,609
USD to them from the Eastplats Companies. The claim alleges
that the agreements between those corporations and the Eastplats
Companies are not binding, that the funds were not properly
received by them, are an unjust enrichment to them and should be
returned.
The second claim is brought against certain former officers and
directors of Eastplats. It alleges that the former officers and
directors purported to enter into agreements with Serina and
Ingwenya on behalf of the Eastplats Companies pursuant to which
$13,666,609 USD was transferred to
Serina and Ingwenya without consideration, without conditions
precedent for delivery of the funds being met, and without any
apparent benefit to the Eastplats Companies. The Eastplats
Companies are seeking damages from the former directors and
officers on a number of legal grounds.
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 civil claims seeking damages and return of
funds to the Company. 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 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