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Eastplats Provides a Response to Shareholder Press Release
Eastplats Provides a Response to Shareholder Press Release Canada NewsWire VANCO...
About this update from Eastern Platinum Limited
[{"type":"text","content":"\n\n\n\nEastplats Provides a Response to Shareholder Press Release\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, March 4, 2020\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, March 4, 2020 /CNW/ - Eastern Platinum Limited (the \"Company\") is aware that a shareholder, 2538520 Ontario Limited (\"2538520\"), has issued a press release on March 2, 2020 containing incorrect, unproven, and speculative information concerning the Company, its directors and others.\nDerivative action \nOn August 28, 2019, Justice Smith of the Supreme Court of British Columbia dismissed an application by 2538520 on the basis that \"2538520 has failed to satisfy the good faith requirement in s. 233(1)(c) of the BCA.\" \nAppeal\nAs previously disclosed, 2538520 has filed an appeal from Justice Smith's dismissal of their application for leave to commence a derivative action, which is scheduled for hearing in the Court of Appeal in April 2020.  The Company seeks dismissal of the appeal.\nFurther litigation\nThe Company has also recently become aware of a further claim filed by 2538520 and its CEO, Rong Kai Hong, (\"Plaintiffs\") regarding various allegations, including that the Company was acting to oppress the Plaintiffs' rights among other claims. Several of these claims are similar to the derivative action that was dismissed by the Court and appear to primarily relate to 2538520's unsuccessful attempt to acquire control of the Company. The Plaintiffs seek orders requiring a change to the Company ownership, election of new Directors, several changes to senior management and damages of US$50 million (or such greater amount as may be proven at trial) from the Company, certain present and former Directors and Officers, and separately seven other listed defendants.  This new lawsuit has not been served on the Company.\nThe Company intends to vigorously defend the lawsuit and to refute the information and many of the allegations made in the claim. If and when the Company an...