JOHANNESBURG,
Dec. 12, 2013 /CNW/ - 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.
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