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. @MasterMetals MasterMetals Blog

from MasterMetals


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s