Atlatsa update on Restructure Plan: DMR executes amended mining rights and parties commence with implementation of Restructure Plan
JOHANNESBURG, Dec. 12, 2013 /PRNewswire/ - Atlatsa Resources Corporation (Atlatsa) (TSXV: ATL; NYSE MKT: ATL; JSE:ATL) is pleased to announce that the South African Department of Mineral Resources (DMR) has executed amended mining rights in favour of its subsidiary, Bokoni Platinum Mines Pty Ltd and Anglo American Platinum Ltd's subsidiary, Rustenberg Platinum Mines Ltd respectively.
Pursuant to execution of the amended mineral titles Atlatsa and Anglo American Platinum will now proceed to implement the following series of transactions, comprising key elements of the Restructure Plan previously announced by the parties on 27 March, 2013 ("Restructure Plan"):
The conclusion and implementation of the new debt and working capital
facilities agreed between Anglo American Platinum and Atlatsa in terms
of the Restructure Plan; and
- The sale and transfer by Atlatsa of mineral properties to Anglo American Platinum, comprising the eastern section of the Ga Phasha PGM project, together with its entire interest in the Boikgantsho PGM project for an aggregate purchase consideration of ZAR 1.7 billion (US$ 165 million). The proceeds from such asset sales will be utilized by Atlatsa to reduce debt owing to Anglo American Platinum.
Implementation of these transactions will result in a material reduction in Atlatsa's balance sheet debt position and its cost of borrowing.
Please refer to www.atlatsaresources.co.za for full details of the Restructure Plan.
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SOURCE Atlatsa Resources Corporation