JOHANNESBURG,
Aug. 14, 2017 /CNW/ - Atlatsa
Resources Corporation ("Atlatsa" or the "Company")
(TSX: ATL; JSE: ATL) announced today that, due to its recently
announced financial restructure plan (the "Restructure
Plan") with Anglo American Platinum Limited ("AAP"), it
is not in a position to file its unaudited interim financial
statements for the three and six months ended June 30, 2017 and the related management's
discussion and analysis and related CEO and CFO certificates by the
August 14 2017 filing deadline. At
this time it is uncertain as to when the Company will be able to
finalize its financial statements and related disclosures.
One of the salient features of the Restructure Plan is that AAP
and Atlatsa have determined to place Bokoni Mine on care and
maintenance, owing to continuing operational losses in a depressed
platinum market. In order to maintain medium to longer term
optionality for production to re-commence at Bokoni Mine, AAP has
agreed to fully fund a care and maintenance strategy for the
operations up until December 31,
2019. The care and maintenance strategy for Bokoni Mine will
be reviewed on an ongoing basis during this period, having regard
to macro and micro economic fundamentals relating to Bokoni
Mine.
The Company has made and the British Columbia Securities
Commission, as principal regulator for the Company, has approved an
application under National Policy 12-203 - Management Cease Trade
Orders ("NP 12-203") requesting that a management cease
trade order be imposed in respect of this late filing rather than
an issuer cease trade order. The issuance of a management cease
trade order generally does not affect the ability of persons who
have not been directors, officers or insiders of the Company to
trade in their securities. The British Columbia Securities
Commission will issue the management cease trade order on
August 15, 2017.
The Company confirms that it will satisfy the provisions of the
alternative information guidelines under NP 12-203 by issuing
bi-weekly default status reports in the form of news releases for
so long as it remains in default of the filing requirements to file
its unaudited interim financial statements and MD&A within the
prescribed period of time. The Company confirms that there is no
other material information relating to its affairs that has not
been generally disclosed.
Cautionary note regarding forward-looking information
This document contains "forward-looking statements" within the
meaning of the applicable Canadian securities laws that are based
on Atlatsa's expectations, estimates and projections as of the
dates as of which those statements are made, including statements
relating to anticipated financial or operational performance.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology including without
limitation, statements relating to potential acquisitions and/or
disposals, future production, reserve potential, exploration
drilling, exploitation activities and events or developments that
Atlatsa expects such statements appear in a number of different
places in this document and can be identified by words such as
"anticipate", "estimate", "project", "expect", "intend", "believe",
"plan", "forecasts", "predicts", "schedule", "forecast", "predict",
"will", "could", "may", or their negatives or other comparable
words. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause Atlatsa's
actual results, performance or achievements to be materially
different from any future results, performance or achievements that
may be expressed or implied by such forward-looking statements.
Atlatsa believes that such forward-looking statements are based
on material factors and reasonable assumptions, including the
following assumptions: maintaining production levels at Bokoni in
accordance with mine operating plan; anticipated financial and
operational improvements expected as a result of the Restructure
Plan; the Company's ability to refinance its debts as and when due;
the provision of goods and/or services by contracted parties on the
agreed timeframes; availability of equipment available as
scheduled; absence of material labour slowdowns, strikes or
community unrest; proper functioning of plant and equipment
functions; absence of mine plan changes resulting from a change in
geological or financial parameters; and absence of geological or
technical problems.
Forward-looking statements, however, are not guarantees of
future performance and actual results or developments may differ
materially from those projected in forward-looking statements.
Factors that could cause actual results to differ materially from
those in forward looking statements include: uncertainties related
to the achievement of the anticipated financial and operational
improvements expected as a result of the Restructure Plan;
uncertainties related to the continued implementation of the Bokoni
operating plan; uncertainties related to the termination and
rehabilitation of the Klipfontein Merensky Opencast Mine operation;
uncertainties related to the timing of the implementation of the
Bokoni deferred expansion plans which includes the accelerated
development of the Brakfontein and Middelpunt Hill shafts;
fluctuations in market prices, levels of exploitation and
exploration successes; changes in and the effect of government
policies with respect to mining and natural resource exploration
and exploitation; continued availability of capital and financing;
general economic, market or business conditions; failure of plant,
equipment or processes to operate as anticipated; accidents, labour
disputes, industrial unrest and strikes; political instability;
suspension of operations and damage to mining property as a result
of community unrest and safety incidents; insurrection or war; the
effect of HIV/AIDS on labour force availability and turnover;
delays in obtaining government approvals; and the Company's ability
to satisfy the terms and conditions of the loans and borrowings,
MD&A – Section 2 – "Liquidity", a copy of which can be found on
SEDAR at www.sedar.com and under "Going Concern" in note 2 of
the condensed consolidated interim financial statements. These
factors and other risk factors that could cause actual results to
differ materially from those in forward-looking statements are
described in further detail under Item "Risk Factors" in Atlatsa's
Annual Information Form for Fiscal 2016, which is available on
SEDAR at www.sedar.com.
Atlatsa advises investors that these cautionary remarks
expressly qualify in their entirety all forward-looking statements
attributable to Atlatsa or persons acting on its behalf. Atlatsa
assumes no obligation to update its forward-looking statements to
reflect actual results, changes in assumptions or changes in other
factors affecting such statements, except as required by law.
Investors should carefully review the cautionary notes and risk
factors contained in this document and other documents that Atlatsa
files from time to time with, or furnishes to; Canadian securities
regulators and which are available on SEDAR at www.sedar.com.
SOURCE Atlatsa Resources Corporation