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Eastplats Announces Finalization of the Conditions Precedent of the Union Goal Offshore Solution Limited Framework Agreement Regarding the Construction, Mining, Processing and Subsequent Recovery of Chrome Concentrate from the Barplats Zandfontein UG2 Tailings Facility
Eastplats Announces Finalization of the Conditions Precedent of the Union Goal Offshore So...
About this update from Eastern Platinum Limited
[{"type":"text","content":"\n\n\n\nEastplats Announces Finalization of the Conditions Precedent of the Union Goal Offshore Solution Limited Framework Agreement Regarding the Construction, Mining, Processing and Subsequent Recovery of Chrome Concentrate from the Barplats Zandfontein UG2 Tailings Facility\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\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Sept. 4, 2018\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, Sept. 4, 2018 /CNW/ - Eastern Platinum Limited (\"Eastplats\" or the \"Company\") and its subsidiary Barplats Mines (Pty) Limited (\"Barplats\") are pleased to announce they have satisfied all the conditions precedent regarding the Framework Agreement (See News Release of March 5, 2018) with Union Goal Offshore Solution Limited (\"Union Goal\"). The Framework Agreement provides for the construction, mining and processing of the tailings resource, and the subsequent offtake of chrome concentrate from, the Barplats Zandfontein UG2 tailings facility (\"Retreatment Project\") located at the Crocodile River Mine in South Africa.  \n\nThe conditions precedent included amongst other agreed requirements, the securing of the now non-refundable upfront payment of ZAR 42.2 million paid to Barplats and the signing of the:\n\n\nOfftake Agreement;\nEquipment and Chrome Plant Agreement;\nEscrow Agreement; and\nLoan Agreement.\nThe Company continues the construction phase of the Retreatment Project with the expected completion date estimated at the end of Q3 2018 followed immediately by commissioning.    \n\nCautionary Statement Regarding Forward-Looking Information\n\nThis press release contains \"forward-looking statements\" or \"forward-looking information\" (collectively referred to herein as \"forward-looking statements\") within the meaning of applicable securities legislation.  Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assum...