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Eastplats closes C$348m financing

30th December 2010

By: Liezel Hill

  

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TORONTO (miningweekly.com) – Eastern Platinum has completed a C$347,6-million equity financing, the firm said on Thursday.

Eastplats issued 224,25-million shares, including the exercise of the full over-allotment option in the offering.

The shares were issued at C$1,55 each to a syndicate of underwriters led by Canaccord Genuity and UBS Securities Canada.

Eastplats operates the Crocodile River mine on the western limb of the platinum-rich Bushveld Complex in South Africa.

The funds raised in the offering will be used for the development of the company's projects on the eastern limb, and for general working capital, the firm said last month.

Shares in the company slid 2,2% on Thursday, to C$1,75 apiece by 16:00 in Toronto.

Edited by Liezel Hill

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