/NOT FOR DISSEMINATION IN THE
UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/
VANCOUVER, May 4, 2020 /CNW/ - Eastern Platinum Limited
("Eastplats" or the "Company") is pleased to report
that on May 1, 2020 South Africa
moved from the level 5 lock-down restrictions to level 4 in their
alert system in response to COVID-19. This change permits Barplats
Mines (Pty) Ltd. ("Barplats"), a subsidiary of Eastplats, to
begin the process of recalling its remaining workforce located
within the Province, that were on paid leave during the lockdown,
back to the mine in a carefully planned and phased return to work
during May 2020.
Operations Update
Barplats continued operating its tailings retreatment project
located at the Crocodile River Mine (the "Retreatment
Project") at a reduced capacity and workforce during the South
African lock-down, following the issuance of an essential
services permit on April 8, 2020. The
Company has also been able to continue all required care and
maintenance activities in relation to its underground mine and
environmental commitments.
The Company remains committed to the Government of South Africa's direction to prevent the risk
of spread of COVID-19. Eastplats continues to update and monitor
its risk assessments and has adopted appropriate procedures,
consistent with government directives, to maintain a safe workplace
for its employees and the communities in which it operates.
Corporate Update
Due to COVID-19, the South African and Canadian emergency
measures and lock-down response and the impact this has had on
market participants, various regulatory authorities have announced
temporary relief from certain regulatory filings. This relief
provides issuers with a 45-day extension for periodic filings,
including financial statements and management's discussion and
analysis, required to be filed on or before June 1, 2020 to allow issuers the time needed to
focus on the many other business and financial reporting
implications of COVID-19. Accordingly, the Company will be
utilizing the extension period provided for the filing of its
interim financial report for the three months ended March 31, 2020 and the related management
discussion & analysis (collectively, the "Q1 Disclosure
Documents"). The Q1 Disclosure Documents, which the Company
would have otherwise had to file on or before May 15, 2020, are now expected be filed on SEDAR
on or before June 5, 2020. In
the interim, management and other insiders of the Company are
subject to a trading black-out policy that reflects the principles
in section 9 of National Policy 11-207 Failure to-File Cease
Trade Orders and Revocations in Multiple Jurisdictions.
Management confirms that except disclosures in press releases of
March 27, 2020, April 8, 2020 and this press release there have
been no other material business developments since the filing of
the December 31, 2019 annual
financial statements, management discussion and analysis and annual
information form on March 26,
2020.
Further, the Company will rely on BC Instrument 51-516 –
Temporary Exemptions from Certain Requirements to File or Send
Securityholder Materials to be exempted from its executive
compensation disclosure requirements. The Company will extend its
deadline to satisfy such requirements and will send its annual
general meeting ("AGM") information circular containing its
executive compensation disclosure required under applicable
securities laws on or before December 31,
2020 and send upon request, printed copies of its Q1
Disclosure Documents anytime not later than December 31, 2020 this year. The Company is
considering an appropriate time and format for its AGM and will
provide information on the timing of its AGM, the filing of its
executive compensation disclosure and the delivery of the Q1
Disclosure Documents when it has appropriately considered all the
issues.
The Company has granted 50,000 stock options to a member of
management of the Company that vest in 90 days. The options were
granted for a term of five years, and expire on April 29, 2025. Each option allows the
holder to purchase one common share of Eastplats at an exercise
price of CDN$0.24.
The effects of COVID-19 are changing and evolving and the
Company cannot reasonably estimate at this time all the impacts of
COVID-19 or if new or unexpected changes to the lockdown levels
imposed by the Government of South
Africa will occur both of which could have material
adverse effects on the Company's business, liquidity and
cashflows.
Cautionary Statement Regarding Forward-Looking
Information
This press release contains "forward-looking statements" or
"forward- looking information" (collectively referred to herein as
"forward-looking statements") within the meaning of
applicable securities legislation. Such forward-looking
statements include, without limitation, forecasts, estimates,
expectations and objectives for future operations that are subject
to a number of assumptions, risks and uncertainties, many of which
are beyond the control of the Company. Forward-looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "will", "plan",
"intends", "may", "will", "could", "expects", "anticipates" and
similar expressions. Further disclosure of the risks and
uncertainties facing the Company and other forward-looking
statements are discussed in the Company's most recent Annual
Information Form available under the Company's profile on
www.sedar.com.
In particular, this press release contains, without limitation,
forward-looking statements pertaining to: the ramp-up of the
operations at the Retreatment Project; the Company's ability to
maintain a safe workplace for its employees; the effects of the
lockdown imposed by the Government of South Africa; any future measured taken by the
Government of South Africa; and
the date of the Company's AGM, the filing of its executive
compensation disclosure and the delivery of the Q1 Disclosure
Documents. These forward-looking statements are based on
assumptions made by and information currently available to the
Company. Although management considers these assumptions to
be reasonable based on information currently available to it, they
may prove to be incorrect. By their very nature,
forward-looking statements involve inherent risks and uncertainties
and readers are cautioned not to place undue reliance on these
statements as a number of factors could cause actual results to
differ materially from the beliefs, plans, objectives,
expectations, estimates and intentions expressed in such
forward-looking statements. These factors include, but are
not limited to, unanticipated problems that may arise in our
production processes, commodity prices, lower than expected grades
and quantities of resources, need for additional funding and
availability of such additional funding on acceptable terms,
economic conditions, currency fluctuations, competition and
regulations, legal proceedings and risks related to operations in
foreign countries.
All forward-looking statements in this press release are
expressly qualified in their entirety by this cautionary statement,
the "Cautionary Statement on Forward-Looking Information"
section contained in the Company's most recent Management's
Discussion and Analysis available under the Company's profile on
www.sedar.com. The forward-looking statements in this press
release are made as of the date they are given and, except as
required by applicable securities laws, the Company disclaims any
intention or obligation, and does not undertake, to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
No stock exchange, securities commission or other
regulatory authority has approved or disapproved the information
contained herein.
SOURCE Eastern Platinum Limited
