Business
Eastern Platinum Limited announces equity financing
Eastern Platinum Limited announces equity financing.
About this update from Eastern Platinum Limited
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n\n\nDISSEMINATION IN THE UNITED STATES/\n\n\nTrading Symbol: ELR\n\n\nVANCOUVER, March 21 /CNW/ - Eastern Platinum Limited (TSX: ELR, AIM: ELR)\n(the "Company") announced today that it has filed a preliminary short form\nprospectus in connection with an overnight-marketed public offering (the\n"Offering") of common shares. The Offering will be conducted through a\nsyndicate of underwriters led by Canaccord Capital Corporation and GMP\nSecurities LP. The Company has granted the underwriters an over-allotment\noption to purchase that number of additional common shares equal to up to 15%\nof the common shares sold pursuant to the Offering, exercisable at any time up\nto 30 days from the closing of the Offering. The Offering is subject to\ncertain conditions, including regulatory approval.\n\n\nThe Offering will be priced in the context of the market with final terms\nof the Offering to be determined at the time of pricing. The Company intends\nto use the net proceeds of the Offering to enable the Company to accelerate\nthe development of its Spitzkop Platinum Group Metals ("PGM") Project on the\nEastern limb of the Bushveld Igneous Complex ("BIC"), for the investigation\nand potential refurbishment of the smelter that exists at Barplats' Crocodile\nRiver Mine, for the potential corporate acquisition of accretive assets, and\nfor general working capital purposes.\n\n\nThe Offering is expected to close on or about April 12, 2007.\n\n\nTrading in the Company's shares will be temporarily suspended on the AIM\nmarket of the London Stock Exchange pending finalization of the terms of the\nproposed Offering.\n\n\nEastern Platinum Limited is a PGM producer engaged in the acquisition,\ndevelopment and mining of PGM properties located in various provinces in South\nAfrica. All of the Company's properties are situated on the western and\neastern limbs of the BIC, the geological environment that supports over 70% of\nthe world's PGM supply.\n\n\nCertain statements contained in this news release constitute\nforward-looking statements. Such forward-looking statements involve a number\nof known and unknown risks, uncertainties and other factors which may cause\nthe actual results, performance or achievements of the Company's plans to\nd...