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Eastplats Receives Notice to Terminate Share Purchase Agreement and Request for Release of Escrow Funds
Eastplats Receives Notice to Terminate Share Purchase Agreement and Request for Release of...
About this update from Eastern Platinum Limited
[{"type":"text","content":"\n\n\n\nEastplats Receives Notice to Terminate Share Purchase Agreement and Request for Release of Escrow Funds\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, Aug. 22, 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, Aug. 22, 2017 /CNW/ - Eastern Platinum Limited (\"Eastplats\" or the \"Company\") reports that it has received a written notice, purporting to terminate on the basis of breach or default, on behalf of Hebei Zhonghen Tianda Platinum Co. Limited (\"HZT\") the June 28, 2016 (the \"Share Purchase Agreement\") in relation to the sale of the Company's South African subsidiary, Barplats Mines Limited, which holds the Crocodile River Mine. As previously disclosed, the Company and its subsidiaries are contesting the litigation previously initiated by HZT seeking to enforce the Share Purchase Agreement and damages against the Company, have previously notified HZT that in its view the Share Purchase Agreement, if valid was already at an end, and deny any breach or default. The Company has also been advised of a further notice purportedly being given by HZT seeking the release to it of the escrow and break-fee funds being held by an independent escrow agent in connection with the transactions contemplated under the Share Purchase Agreement. The Company is assessing the implications of these notices and will respond to them in due course in light of the underlying agreements and the outstanding litigation. \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 assumptions, risks and uncertainties, many of which ...