Business
Eastern Platinum Limited announces terms of Offering
Eastern Platinum Limited announces terms of Offering.
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 22 /CNW/ - Eastern Platinum Limited (TSX: ELR, AIM: ELR)\n(the "Company") announced today that it has entered into an underwriting\nagreement with a syndicate of underwriters led by Canaccord Capital\nCorporation and GMP Securities LP and including UBS Securities Canada Inc. and\nRaymond James Ltd. to sell 92,105,300 common shares at a price of C$1.90 per\nshare to raise gross proceeds of C$175,000,070 pursuant to a short form\nprospectus (the "Offering"). Purchasers outside of North America will be\npermitted to pay for the shares in the Offering in British Pounds Sterling,\nand for this purpose the equivalent price per share has been fixed at\n(pnds stlg)0.84 per share. The Company has granted the underwriters an\nover-allotment option to purchase that number of additional common shares\nequal to up to 15% of the common shares sold pursuant to the Offering,\nexercisable at any time up to 30 days from the closing of the Offering.\n\n\nThe Company intends to use the net proceeds of the Offering to enable the\nCompany to accelerate the development of its Spitzkop Platinum Group Metals\n("PGM") Project on the Eastern limb of the Bushveld Igneous Complex ("BIC"),\nfor the investigation and potential refurbishment of the smelter that exists\nat Barplats' Crocodile River Mine, for the potential corporate acquisition of\naccretive assets, and for general working capital purposes.\n\n\nThe Offering is expected to close on or about April 12, 2007\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\ndiffer materially from any future results, performance or achievements\nexpr...