Brief: Hebei Zhongheng Tianda Platinum Co to purchase Crocodile River Mine

Eastern Platinum

28/06/2016 18:09

June 28 (Reuters) - Eastern Platinum Ltd  ELR.TO  : 
    * Hebei Zhongheng Tianda Platinum Co. Limited to purchase 
the Crocodile River Mine 
    * Deal for for total consideration of US$50 million payable 
in cash 
    * Consideration received to be net of transaction costs 
    * Eastern Platinum says Hebei Zhongheng Tianda Platinum will 
acquire Co's South African unit, Barplats Mines Limited, which 
holds Crocodile River Mine 
    * In case of certain events where HZT fails to meet its 
obligations it will pay break fees of up to us$10 million 
    * Upon closing,Hebei Zhongheng Tianda Platinum to have 
operating responsibility for Crocodile River Mine,ownership of 
Barplats Mines Ltd 
    * Eastplats will continue to maintain ownership of its 
Eastern Limb Projects 
    * In case of certain events where Eastplat fails to meet its 
obligations it will pay break fees of up to US$5 million 
 
Source text for Eikon:  ID:nMKWqMzJza  
Further company coverage:  ELR.TO  
 
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