Eastern Platinum (Eastplats) has received a petition, filed with the Supreme Court of British Columbia by 2538520 Ontario Limited, a shareholder of the company, seeking leave from the court to start a derivative action against certain of its current and former directors in relation to the approval of the transactions between the company and Union Goal Offshore Solutions.
On March 5, Eastplats and its subsidiary Barplats Mines entered into an agreement with Union Goal Offshore Solution for the construction, mining and processing of the tailings resource, and the subsequent offtake of chrome concentrate from the Barplats Zandfontein Upper Group 2 tailings facility located at the Crocodile River mine, in South Africa.
Eastplats’ board has formed a special committee of three nonexecutive directors to review the petition and make a recommendation on the appropriate action.