Eastplats Completes Settlement Regarding CRM Share Purchase Agreement and Obtains Return of Escrow Funds
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Trading Symbol: ELR (TSX); EPS (JSE)
VANCOUVER, Nov. 24, 2017 /CNW/ - Eastern Platinum Limited ("Eastplats" or the "Company") is pleased to report that it has completed a settlement agreement with Hebei Zhongheng Tianda Platinum Co. Limited ("HZT"). The settlement confirms the termination of the June 28, 2016 Crocodile River Mine Share Purchase Agreement (the "Share Purchase Agreement") entered into between HZT, Eastplats and its subsidiaries, dismisses the litigation commenced by HZT and releases each party from any further obligations. Pursuant to the terms of the settlement, the parties are each entitled to the return of escrow funds posted by them, less a payment by the Company to HZT of $420,000.
Diana Hu stated "I am pleased to settle this litigation, confirming our ongoing ownership of CRM, refunding over US$4.5 million of our escrow funds and allowing Eastplats to further focus on our development and project work."
Cautionary Statement Regarding Forward-Looking Information
This 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 are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "will", "plan", "intends", "may", "will", "could", "expects", "anticipates" and similar expressions. Further disclosure of the risks and uncertainties facing the Company and other forward-looking statements are discussed in the Company's Annual Information Form and Management's Discussion and Analysis which are available under the Company's profile on www.sedar.com.
These forward-looking statements are based on assumptions made by and information currently available to the Company. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties and readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, commodity prices, lower than expected grades and quantities of resources, needs for additional funding, availability of such additional funding and that funding will be on acceptable terms, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.
The forward-looking statements in this press release are made as of the date they are given and, except as required by applicable securities laws, the Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Eastern Platinum Limited
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