Eastplats Completes Settlement Regarding CRM Share Purchase Agreement and Obtains Return of Escrow Funds
Eastern Platinum (“Eastplats” or the “Company”) is pleased to report that it has completed a settlement agreement with Hebei Zhongheng Tianda Platinum (“HZT”). The settlement confirms the termination of the June 28, 2016 Crocodile River Mine Share Purchase Agreement (the “Share Purchase Agreement”) entered into between HZT, Eastplats and its subsidiaries, dismisses the litigation commenced by HZT … Continued
Eastern Platinum (“Eastplats” or the “Company”) is pleased to report that it has completed a settlement agreement with Hebei Zhongheng Tianda Platinum (“HZT”). The settlement confirms the termination of the June 28, 2016 Crocodile River Mine Share Purchase Agreement (the “Share Purchase Agreement”) entered into between HZT, Eastplats and its subsidiaries, dismisses the litigation commenced by HZT and releases each party from any further obligations.
Pursuant to the terms of the settlement, the parties are each entitled to the return of escrow funds posted by them, less a payment by the Company to HZT of $420,000.
Diana Hu stated:
“I am pleased to settle this litigation, confirming our ongoing ownership of CRM, refunding over US$4.5 million of our escrow funds and allowing Eastplats to further focus on our development and project work.”
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