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Eastern Platinum Limited to Invest in Zandfontein Underground and Growth Opportunities with Completed Rights Offering
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2023) - Eastern Platinum Limited (TSX: ELR)...
About this update from Eastern Platinum Limited
[{"type":"text","content":"Eastern Platinum Limited to Invest in Zandfontein Underground and Growth Opportunities with Completed Rights OfferingVancouver, British Columbia--(Newsfile Corp. - May 8, 2023) - Eastern Platinum Limited (TSX: ELR) (JSE: EPS) (\"Eastplats\" or the \"Company\") today announced the completion of the previously announced rights offering to its shareholders (the \"Rights Offering\") (see news release of March 24, 2023), subject to final approval of the Toronto Stock Exchange (the \"TSX\") and Johannesburg Stock Exchange (the \"JSE\").On Friday, May 12, 2023 (the \"Issue Date\") Eastplats will issue an aggregate of 64,080,653 common shares of the Company (each a \"Common Share\") at a price of CDN$0.11 per Common Share issued in respect of the exercise of rights trading on the TSX and ZAR1.4564 (145.64 South African cents) per Common Share issued in respect of the exercise of rights trading on the JSE. The Company is very pleased to have raised total gross proceeds of approximately CDN$7,043,721 (TSX-CDN$6,900,317 and JSE-ZAR1,966,862) in terms of the Rights Offering.The aggregate number of 64,080,653 Common Shares is comprised of 52,313,551 Common Shares, which will be issued in respect of the rights exercised under the basic subscription privilege, and an additional 11,767,102 Common Shares, which will be issued in respect of applications to subscribe for additional Common Shares received by the Company under the additional subscription privilege (on the basis that all applications for additional Common Shares have been allocated in full). As of the Issue Date, 201,901,426 Common Shares of Eastplats will be issued and outstanding. No Common Shares will be issued under a stand-by commitment and no fees or commissions will be paid in connection with the distribution.To the knowledge of the Company, after reasonable inquiry, no person that was not an insider of Eastplats became an insider as a result of the issue of Common Shares under the Rights Offering. Further to the rights offering circular of the Company dated March 24, 2023, the Company confirms that Ka An Development Co. Limited (\"Ka An\"), an insider by virtue of beneficial ownership of, or control or direction over, directly or indirectly, securities of the Company carrying more than 10% of the voting rights attached to all the Company's outstanding voting securities, has e...