ANGLO AMERICAN PLATINUM TO SUBSCRIBE FOR 125 MILLION COMMON SHARES IN ATLATSA FOR ZAR 750 MILLION (US$ 70 MILLION)
JOHANNESBURG, Jan. 16, 2014 /PRNewswire/ - Atlatsa Resources Corporation ("Atlatsa") (TSXV: ATL; NYSE MKT: ATL; JSE:ATL) is pleased to announce that it has commenced with implementation of the final stage of its group restructure plan, previously announced on 27 March, 2013 ("Restructure Plan").
The final phase of the Restructure Plan comprises a series of transactions between Atlatsa and Anglo American Platinum Ltd's wholly owned subsidiary, Rustenberg Platinum Mines Ltd ("Anglo American Platinum"), resulting in Anglo American Platinum subscribing for 125 million new common shares in Atlatsa for an aggregate subscription price of ZAR 750 million (US$ 70 million).
In terms of the Restructure Plan, the proceeds from the equity financing will be utilized by Atlatsa to further reduce its balance sheet debt and, consequently, reduce its cost of borrowing.
Atlatsa anticipates that its Restructure Plan will be fully completed by early February 2014.
Full details of the Restructure Plan can be found in Atlatsa's news release of March 27, 2013 or www.atlatsaresources.co.za.
Cautionary and forward-looking information
This document contains "forward-looking statements" that were based on Atlatsa's expectations, estimates and projections as of the dates as of which those statements were made, including statements relating to the Atlatsa group Restructure Plan and anticipated financial or operational performance. Generally, these forward- looking statements can be identified by the use of forward-looking terminology such as "may", "will", "outlook", "anticipate", "project", "target", "believe", "estimate", "expect", "intend", "should" and similar expressions.
Atlatsa believes that such forward-looking statements are based on material factors and reasonable assumptions, including the following assumptions: that the final phase of the Restructure Plan will complete in a timely manner and will have the anticipated positive impact on Atlatsa's financial condition.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These include but are not limited to uncertainties related to the completion of the Restructure Plan in a timely manner, and the risk that the anticipated financial condition improvements will not be achieved.
For further information on Atlatsa, investors should review the Company's annual Form 20-F filing with the United States Securities and Exchange Commission www.sec.gov and annual information form for the year ended 31 December, 2012 and other disclosure documents that are available on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The NYSE MKT LLC has neither approved nor disapproved the contents of this press release.
SOURCE Atlatsa Resources Corporation