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Eastern Platinum cancels C$10.3M private placement

Eastern Platinum Ltd. on Dec. 14 said its previously announced C$10.3 million placement, comprising 18,435,360 common shares at 56 Canadian cents apiece, will not proceed.

The placement was canceled after the company and the intended placee failed to agree on the final terms and conditions Eastern Platinum was seeking for the subscription.

Earlier in December, China's Hebei Zhongheng Tianda Platinum Co. Ltd. filed a claim against Eastern Platinum related to the sale of its Crocodile River platinum group metals property in South Africa.