June 28, 2016 / 5:37 PM / a year ago

BRIEF-Hebei Zhongheng Tianda Platinum Co to purchase Crocodile River Mine

June 28 (Reuters) - Eastern Platinum Ltd :

* Hebei Zhongheng Tianda Platinum Co. Limited to purchase the Crocodile River Mine

* Deal for for total consideration of US$50 million payable in cash

* Consideration received to be net of transaction costs

* Eastern Platinum says Hebei Zhongheng Tianda Platinum will acquire Co’s South African unit, Barplats Mines Limited, which holds Crocodile River Mine

* In case of certain events where HZT fails to meet its obligations it will pay break fees of up to us$10 million

* Upon closing,Hebei Zhongheng Tianda Platinum to have operating responsibility for Crocodile River Mine,ownership of Barplats Mines Ltd

* Eastplats will continue to maintain ownership of its Eastern Limb Projects

* In case of certain events where Eastplat fails to meet its obligations it will pay break fees of up to US$5 million Source text for Eikon: Further company coverage:

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