Break Fees Placed Into Escrow by Hebei Zhongbo and Eastplats


VANCOUVER, BRITISH COLUMBIA–(Marketwired – April 9, 2015) – Eastern Platinum Limited (TSX:ERL)(JSE:EPS) (“Eastplats” or the “Company“) is pleased to announce that both Hebei Zhongbo Platinum Co. Limited (“Hebei“) and Eastplats have met their contractual obligations to lodge the break fees of US$11.25 million each with the escrow agent as required under the terms of the share purchase agreements (the “SPAs”) whereby Hebei would acquire the Company’s entire South African platinum group metal business (including a majority of the interests held by the Company’s existing minority partners) and all loan agreements that Eastplats has with its subsidiary companies as previously reported in the Company’s press release dated November 7, 2014. The break fees are payable as liquidated damages upon the occurrence of certain events of default under the SPAs.

http://ift.tt/1y9zSad @MasterMetals MasterMetals Blog

from MasterMetals http://ift.tt/1CnbCO6

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