Business
Eastplats Announces the Sale of the Maroelabult Resource Property and Related Equipment to Eland Platinum (Pty) Limited
Eastplats Announces the Sale of the Maroelabult Resource Property and Related Equipment to...
About this update from Eastern Platinum Limited
[{"type":"text","content":"\n\n\n\nEastplats Announces the Sale of the Maroelabult Resource Property and Related Equipment to Eland Platinum (Pty) Limited\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, Oct. 29, 2019\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/\nTrading Symbol: ELR (TSX); EPS (JSE)\n VANCOUVER, Oct. 29, 2019 /CNW/ - Eastern Platinum Limited (\"Eastplats\" or the \"Company\") and its subsidiary Barplats Mines (Pty) Limited (\"Barplats\") are pleased to announce Barplats has entered into a sales agreement (the \"Agreement\") with Eland Platinum (Pty) Limited (\"Eland\"). The Agreement provides for sale of the mining rights, immovable property, infrastructure and equipment of the Maroelabult resource property (the \"Assets\") located near Brits in South Africa. The consideration to be received is R20 million (US$1.4 million), the assumption of the rehabilitation obligation and immediate assumption of the care and maintenance costs (the \"Purchase Price\") subject to representations and warranties by both parties. The Purchase Price is payable and enforceable on closing the transaction following the transfer of legal title and the completion of the various legal and regulatory obligations required in South Africa which may take up to or over 1 year.\nBarplats obtains immediately benefits by reducing its ongoing costs. Eland, without cost to Barplats, will be appointed to render the required care and maintenance services for the Assets until closing the transaction. \nDiana Hu, CEO of the Company commented \"Eastplats is pleased to close this transaction with Eland and to monetize Maroelabult. The Company obtains an immediate cash savings while Eland can exploit the resources for which it is better located and positioned.\"\nCautionary Statement Regarding Forward-Looking Information\nThis press release contains \"forward-looking statements\" or \"forward-looking information\" (collectively referred to herein as \"forward-looking statements\") within the meaning of applicable securiti...