Eastplats served termination notice for HZT agreement
JOHANNESBURG (miningweekly.com) – JSE-listed Eastern Platinum (Eastplats) has received a written notice from China-based precious metals mining services provider Hebei Zhonghen Tianda Platinum (HZT) terminating, on the basis of breach or default, the share purchase agreement for Barplats Mines.
“The company has also been advised of a further notice purportedly being given by HZT seeking the release to it of the escrow and break-fee funds being held by an independent escrow agent in connection with the transactions contemplated under the share purchase agreement,” the group said in an update to shareholders on Tuesday.
Vncouver-based Eastplats is currently assessing the implications of these notices and is expected to update the market soon in light of the underlying agreements and the outstanding litigation.
Eastplats is currently contesting the litigation initiated by HZT, seeking to enforce the share purchase agreement entered into between Eastplats’ former management and HZT in June 2016.
In December, HZT served Eastplats and several of its subsidiaries with a notice of civil claim in the British Columbia Supreme Court over an alleged repudiation and breach of the share purchase agreement.
Eastplats, following the election of a new board in July 2016, had embarked on the review of several agreements and transactions entered into by the former board of directors, including the proposed sale of Eastplats’ South Africa subsidiary Barplats Mines and associated intercorporate investments and loans to HZT for $50-million.
Barplats Investments’ shareholders had rejected the sale.
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