JOHANNESBURG, Dec. 18, 2013 /CNW/ - Atlatsa Resources Corporation
("Atlatsa" or the "Company") (TSXV: ATL; NYSE MKT: ATL; JSE:ATL)
confirms that it has implemented the following series of transactions,
comprising key components of its Restructure Plan previously announced
on 27 March, 2013 ("Restructure Plan"):-.
The conclusion and implementation of Atlatsa's new debt and working
capital facilities agreed with Anglo American Platinum Limited ("Anglo
American Platinum"); 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 Platinum Group
Metals project for an aggregate purchase consideration of
ZAR 1.7 billion (US$ 165 million).
The proceeds from such asset sales has been utilized by Atlatsa to
reduce its historical debt owing to Anglo American Platinum.
It is anticipated that the final component of the Restructure Plan is
anticipated to be completed during January 2014, when Anglo American
Platinum will effect an equity financing into Atlatsa by subscribing
for 125 million new shares in the Company for an aggregate subscription
price of ZAR 750 million (US$ 73 million). The proceeds from such
equity financing will be utilized by Atlatsa to further reduce
historical debt owing to Anglo American Platinum.
Implementation of the Restructure Plan will result in a material
reduction in Atlatsa's balance sheet debt position and its cost of
borrowing going forward.
Please refer to www.atlatsaresources.co.za for full details of the Restructure Plan.
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
For further information:
On behalf of Atlatsa Resources
Joel Kesler, Chief Commercial Officer
Office: +27 11779 6800
Mobile: +27 82454 5556
Russell and Associates
Office: +27 11880 3924
Mobile: +27 82872 6387
Macquarie First South Capital
Office: +27 11583 2000