2020-06-29 06:21 ET – News Release
An anonymous director reports
EASTERN PLATINUM LIMITED ANNOUNCES CLOSING OF THE SETTLEMENT WITH ALPHAGLOBAL AND ISSUANCE OF COMMON SHARES AND WARRANTS
Eastern Platinum Ltd. has closed its previously announced settlement transaction with AlphaGlobal Capital Inc. (press release of June 26, 2020) pursuant to which AlphaGlobal has discontinued all claims by AlphaGlobal against the company and its subsidiaries and released the company from any and all claims that AlphaGlobal may have against the company or its subsidiaries, in exchange for which the company has: (a) issued eight million common shares of the company at a deemed subscription price of 23.5 cents ($1.88-million), and six million common share purchase warrants to a nominee of AlphaGlobal, with each such warrant entitling the holder to acquire one common share of the company for a period of two years upon payment of the exercise price of 24 cents; (b) made a payment of five million South African rand; and (c) has issued a promissory note in favour of AlphaGlobal for the payment of four million South African rand in four equal instalments, each payable on Sept. 30, 2020, Dec. 31, 2020, March 31, 2021, and June 30, 2021.
The common shares, the warrants and the warrant shares issuable upon exercise of the warrants will be subject to a hold period until Oct. 27, 2020, in accordance with applicable securities laws.
About Eastern Platinum Ltd.
Eastplats owns directly and indirectly a number of platinum group metals (PGM) and chrome assets in the Republic of South Africa. All of the company’s properties are situated on the western and eastern limbs of the Bushveld complex, the geological environment that hosts approximately 80 per cent of the world’s PGM-bearing ore.
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