Precious Metals

Eastern Platinum (TSX:ELR) reported that Beijing Hehe Fengye Investment Co. must provide its approval before the sale of its South African Assets to Hebei Zhongbo Platinum can be completed. Beijing Hehe is a shareholder of Hebei Zhongbo.

Eastern Platinum (TSX:ELR) reported that Beijing Hehe Fengye Investment Co. must provide its approval before the sale of its South African Assets to Hebei Zhongbo Platinum can be completed. Beijing Hehe is a shareholder of Hebei Zhongbo.
As quoted in the press release:

Eastern Platinum Limited (the “Company” or “Eastplats”) (TSX:ELR)(JSE:EPS) reports, further to its news release of October 22, 2015, that it has sought clarification from Hebei Zhongbo Platinum Co. Limited (“HZP”) as to the validity of statements made by Beijing Hehe Fengye Investment Co. Ltd. (“Beijing Hehe”) in its press release of October 21, 2015 (the “Beijing Hehe Release”).
As a result of such inquiries, the Company has been advised that Beijing Hehe’s approval as a shareholder is required for HZP to execute the definitive agreements necessary to give effect to the restructured transaction between Eastplats and HZP as detailed in a news release of the Company dated June 8, 2015. Further, as detailed in the Beijing Hehe Release, Beijing Hehe has stated that it does not intend to provide such approval.
The Company understands that the shareholders of HZP are currently engaged in a process to resolve their differences. HZP has however advised the Company that, until such resolution occurs, the transaction cannot proceed.

Click here for the full press release.

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