Dual-listed Eastern Platinum (Eastplats) has issued 36.8-million common shares to raise about C$11.7-million.
Net proceeds from the rights offering will be used to complete various projects and grow Eastplats’ revenue potential.
Eastplats is engaged in the exploration, development, mining and potential acquisition of platinum group metals and chrome properties in South Africa. Within this scope, Eastplats has its 2 129 ha Mareesburg property on the eastern limb of the Bushveld Complex, which has completed drilling and geotechnical work and now awaits the finalisation and completion of the environment impact assessment before being authorised to complete and finalise a feasibility study, which started in the third quarter of 2020.
Eastplats also operates the Kennedy’s Vale and Spitzkop project, in the same region, though the company does not have any active plans for these projects.
The Crocodile River mine, in the North West, includes two operating mining sections (Zandfontein and Maroelabult) and two development sections (Crocette and Kareespruit). The former two are currently under care and maintenance.