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Eastern Platinum Limited Is Pleased to Report PGM Revenue and Site Update
Vancouver, British Columbia--(Newsfile Corp. - January 15, 2021) -  Eastern Platinum Limi...
About this update from Eastern Platinum Limited
[{"type":"text","content":"Eastern Platinum Limited Is Pleased to Report PGM Revenue and Site UpdateVancouver, British Columbia--(Newsfile Corp. - January 15, 2021) -  Eastern Platinum Limited (TSX: ELR) (JSE: EPS) (\"Eastplats\" or the \"Company\") is pleased to report that its subsidiary, Barplats Mines (Pty) Ltd. (\"Barplats\"), has confirmed the provisional payment terms of the first delivered shipment (See news release of January 6, 2021) of pressed filter cake platinum group metals (\"PGM\") concentrate under the existing offtake agreement between Barplats and Impala Refining Services Limited, now Impala Platinum Limited (the \"PGM Offtake Agreement\"). These terms confirm the restart of PGM revenue by the Company.RIGHTS OFFERINGThe shareholders of the Company were issued rights to acquire common shares as of December 18, 2020. The rights are currently trading on the TSX under the symbol \"ELR.RT\" and the JSE under the symbol \"EPSN\". The Company is beginning to obtain confirmations of rights exercise and the Company confirms the rights offering will close on January 22, 2021.A copy of the Notice of Rights Offering and the Rights Offering Circular are available under the Company's profile on SEDAR at www.sedar.com and on the Company's website www.eastplats.com/investors-2/rights-offering.CAPITAL PROJECTSAs a result of some initial confirmations of rights exercise, the Company has begun the detailed planning regarding the intended reconfiguring and procurement initiatives on both the small-scale PGM circuit (previously the scavenger plant circuit) (\"PGM Circuit D\") and the existing main PGM facility (\"PGM Circuit 1\"). This work will allow quicker procurement upon the closing of the rights offering. The optimization of the PGM Circuit D and the refurbishment of the PGM Circuit 1 are intended to stabilize existing production and increase the capacity of the PGM recovery and sales.Diana Hu, the President and CEO of Eastplats, stated that, \"the initial confirmation of exercises of the rights offering has allowed the Company to allocate time and begin the planning work on the PGM Circuit D and PGM Circuit 1. These projects expand Eastplats PGM processing capacity and potential revenue sources. The Company looks forward to the completion and closing of the rights offering and to then continue the development of opportunities in South Africa for...