JOHANNESBURG (miningweekly.com) – Dual-listed Eastern Platinum (Eastplats) on Wednesday terminated its planned $10.32-million raising after failing to reach agreement on the final terms and conditions sought by the company in a private placing with an undisclosed party.
Eastplats had planned a nonbrokered private placement of about 18.43-million shares at $0.56 apiece, representing 19.9% of the issued and outstanding common shares of the company.
In an update to shareholders, the mining company said a mutual agreement was reached between the parties to abandon the proposed investment, without cost or penalty to either.
Eastplats also had no obligation to pay the finders’ fee that had been contemplated as part of the proposed investment.