Business
Eastplats Advised of Purported Change in Ownership of Interests in Bee Partner Companies
Eastplats Advised of Purported Change in Ownership of Interests in Bee Partner Companies ...
About this update from Eastern Platinum Limited
[{"type":"text","content":"\n\n\n\nEastplats Advised of Purported Change in Ownership of Interests in Bee Partner Companies\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, Nov. 8, 2017\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/\n\nTrading Symbol: ELR (TSX); EPS (JSE)\n\n\n\nVANCOUVER, Nov. 8, 2017 /CNW/ - Eastern Platinum Limited (\"Eastplats\" or the \"Company\") reports that it has been advised by certain third-party shareholders (the \"BEE shareholders\") of Gubevu Consortium Investment Holdings (Pty) Ltd. (\"Gubevu\") and Lion's Head Platinum (Pty) Ltd. (\"Lion's Head\") that they have purportedly relinquished their interests in those companies in varying amounts to either Serina Services AG (\"Serina\") or Ingwenya Incorporated (\"Ingwenya\"). Gubevu is the Company's Black Economic Empowerment (\"BEE\") partner in Barplats Investment Limited and Lion's Head is a BEE compliant corporation in the Company's Mareesburg project. The Company has been advised that the BEE shareholders originally acquired these shares from Serina and Ingwenya, and these shares have purportedly now reverted to them. Neither the Company nor its subsidiaries were parties to these purported transactions and we have not been provided with direct confirmation of or further information regarding these transactions. \n\nOn June 30, 2016, two days following the announcement of the proposed sale of the Crocodile River Mine, former management purportedly caused the Company to enter into certain \"Share Purchase Agreements\" with Serina and Ingwenya.  Those agreements contemplated payment by Eastplats of approximately US$13.4 million upon the change of control of the Company at the 2016 AGM and former management caused the funds to be paid. (see News Release of July 4, 2016 issued by the former management and the December 31, 2016 MD&A). \n\nThe Company has met and discussed the above issues with the Department of Mineral Resources in South Africa.  As previously disclosed, South African mining regulations requ...