Date Closed

May 11, 2007

Lead Office

Toronto

Value

175.00 Million CAD

On May 11, 2007, Eastern Platinum Limited (“EPL”) completed its offering of 92,105,300 common shares through means of a prospectus distribution at a price of C$1.90 per share for total proceeds of C$175 million. Canaccord Capital Corporation acted as lead underwriter of the underwriting syndicate, which also included GMP Securities LP, UBS Securities Inc. and Raymond James Ltd. Proceeds from the offering will be used for the development of its Spitzkop Platinum Group Metals ("PGM") Project in South Africa.

EPL is a major producer of platinum group metals (PGMs) in South Africa. Over the past three years, EPL has acquired a portfolio of high-grade platinum and rhodium-rich deposits in South Africa 's Bushveld Igneous Complex containing more than 85 million ounces of PGMs. The Bushveld Igneous Complex is internationally recognized as containing the world's largest source of PGMs. In 2006, EPL became Canada 's largest platinum group metals producer when it acquired a 69% indirect interest in Barplats Investments Limited.

McCarthy Tétrault LLP acted for the underwriters of the offering who were represented by Andrew Parker (Toronto), Reena Modha (London, UK), Salima Datoo (Vancouver) and Rochelle Graub (Toronto).