Business
Eastern Platinum Limited announces closing of the settlement with AlphaGlobal and issuance of common shares and warrants
Eastern Platinum Limited announces closing of the settlement with AlphaGlobal and issuance...
About this update from Eastern Platinum Limited
[{"type":"text","content":"\n\n\n\nEastern Platinum Limited announces closing of the settlement with AlphaGlobal and issuance of common shares and warrants\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, BC, June 29, 2020\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/\nTrading Symbol: ELR (TSX); EPS (JSE)\n VANCOUVER, BC, June 29, 2020 /CNW/ - Eastern Platinum Limited (\"Eastplats\" or the \"Company\") is pleased to announce the closing of the Company's previously announced settlement transaction with AlphaGlobal Capital Inc. (\"AlphaGlobal\") (Press Release of June 26, 2020) pursuant to which AlphaGlobal has  discontinued all claims by AlphaGlobal against the Company and its subsidiaries and released the Company from any and all claims that AlphaGlobal may have against the Company or its subsidiaries, in exchange for which the Company has: (a) issued 8,000,000 common shares of the Company (the \"Common Shares\") at a deemed subscription price of $0.235 CDN (CDN$1,880,000), and 6,000,000 common share purchase warrants to a nominee of AlphaGlobal (the \"Warrants\"), with each such Warrant entitling the holder to acquire one Common Share of the Company (each a \"Warrant Share\") for a period of two years upon payment of the exercise price of $0.24 CDN; (b) made a payment of 5,000,000 South African Rand (\"ZAR\"); and (c) has issued a promissory note in favour of AlphaGlobal for the payment of ZAR4,000,000 in four equal installments, each payable on September 30, 2020, December 31, 2020, March 31, 2021 and June 30, 2021.\nThe Common Shares, the Warrants and the Warrant Shares issuable upon exercise of the Warrants will be subject to a hold period until October 27, 2020 in accordance with applicable securities laws.\nAbout Eastern Platinum Limited\nEastplats owns directly and indirectly a number of platinum group metals (\"PGM\") and chrome assets in the Republic of South Africa. All of the Company's properties are situated on the western and eastern limbs of the Bushveld Complex, the geolog...