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  • Eastern Platinum to raise $302m in equity offering 0 comments
    Nov 23, 2010 2:18 PM | about stocks: ELRFF-OLD

    Eastern Platinum (TSX: ELR, AIM: ELR, JSE: EPS) said Tuesday that it will launch an equity financing for gross proceeds of around C$302.3 million.

    The company has agreed to sell 195 million common shares at a price of C$1.55 per share.

    The deal will be underwritten by a syndicated led by Canaccord Genuity and UBS Securities. Underwriters have been granted an over-allotment option to purchase a number of additional common shares equal to up to 15% of those sold during the offering, exercisable at any time up to 30 days after closing.

    The new funds will be used to finance the phase 1 of the Eastern Limb development plan in the Bushveld Complex in South Africa, as well as for general working capital purposes.

    The equity raising is expected to close around December 8, 2010. Trading in the company's shares is anticipated to resume on both the AIM market of the LSE and on the Johannesburg Stock Exchange today at 3.30 pm GMT.

    All of the company's platinum group metals properties are located in various provinces in South Africa.

    Disclosure: no positions
    Stocks: ELRFF-OLD
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