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Krucible Metals Ltd Announces Termination Of Joint Venture With Getax International Pte Ltd


Tuesday, 22 Jan 2013 08:05pm EST 

Krucible Metals Ltd announced that that at the Close of Business (COB) on Friday January 18, 2013, the Heads of Agreement dated August 17, 2012 and announced on August 20, 2012 (HoA) in place with Getax International Pte Ltd of Singapore, terminated automatically and that the parties have ceased negotiations. On December 11, 2012, Krucible announced that Getax requested additional time until the COB January 18, 2013, to complete its due diligence as a condition precedent to the HoA. On that date and time Getax requested a further extension to complete its due diligence until March 8, 2013. Since the execution of the HoA and at the request of Getax, Krucible has agreed to several extensions of time to complete due diligence, totaling approximately 4 months, and management has determined that further extensions would not be in the interests of the Company and its shareholders. Before allowing the HoA to terminate naturally under its terms, Krucible gave Getax the opportunity to approve or waive any residual due diligence issues, so that the relationship could be formalised through the finalisation of the joint venture agreement. 

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11 Jul 2014