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Provider: Reuters Investment Profile
Provider: GlobalData
Provider: GlobalData
Provider: GlobalData

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Endomines publ AB Updates on Divestiture of Kalvinit Oy to Cove Resources Ltd

Monday, 15 Apr 2013 02:45am EDT 

Endomines publ AB announced that the company's sale of Kalvinit Oy (Kalvinit) to Cove Resources Limited (Cove) has entered final stage. Endomines and Cove agreed terms for early payment of total acquisition consideration and execute a Deed of Variation to the Sale and Purchase Agreement for the acquisition of Kalvinit. It was agreed that if Cove completes an equity capital raising of not less than AUD 3,000,000 by May 15, 2013, then Cove will proceed with the purchase of the Kalvinit’s shares by paying the acquisition price in full at closing. Cove has undertaken that, in the event that the equity capital raising is not completed by May 15, 2013, it shall use its endeavors to complete the purchase of the shares. Cove has confirmed and acknowledged that the completion of the feasibility study, as a condition to complete the transaction, is no longer a condition for Cove’s obligation to complete the transaction. Should Cove elect to pay to Endomines the entire outstanding purchase price at closing, the amount will be amended to EUR 2,550,000 adjusted by the net of company cash less any assumed external debt at closing. Alternatively, the original purchase price of EUR 2,850,000 less any assumed external debt at closing and adjusted by company cash will apply. Out of this EUR 850,000 is to be paid at closing and the remaining balance in two installments in accordance with the earlier agreed time schedule. 

Company Quote

-0.0010 -20.00%
19 Jul 2013