Tantalus Rare Earths AG

  • WKN: A1MMFF
  • Land: Deutschland

Nachricht vom 31.08.2017 | 13:31

Tantalus Rare Earths AG secured intermediate funding for its operations and agreed to prolong the Long Stop Date of the second Share Sale and Purchase Agreement with REO Magnetic Pte. Ltd.

DGAP-News: Tantalus Rare Earths AG / Key word(s): Financing/Offer

31.08.2017 / 13:31
The issuer is solely responsible for the content of this announcement.


 

Corporate News

Tantalus Rare Earths AG secured intermediate funding for its operations and agreed to prolong the Long Stop Date of the second Share Sale and Purchase Agreement with REO Magnetic Pte. Ltd.

Munich, 31 August 2017

According to the second Share Sale and Purchase Agreement ("SPA 2") Tantalus Rare Earths AG (ISIN DE000A1MMFF4) agreed to sell the remaining 40 % of the shares in Tantalum Holding (Mauritius) Limited to REO Magnetic Pte. Ltd (formerly Apphia Minerals SOF Pte. Ltd.).

To allow more time to complete the sale, the parties have agreed to prolong the Long Stop Date (completion timeline) until 15 September 2017. This was agreed under the condition that from the total Purchase Price a minimum of EUR 1,200,000 (equaling 12 %) would be paid in cash upon completion of SPA 2.

Despite the efforts, Tantalus estimates that it is possible that SPA 2 will not be completed even by the extended Long Stop Date. To prepare for this situation Tantalus has started to look for alternative buyers for the remaining shareholding in Tantalum Holding (Mauritius) Limited.

To secure the liquidity of Tantalus in case SPA 2 does not complete, Tantalus has been able to arrange a secured loan of EUR 320,000 from ISR Global Pte Ltd. The duration of the loan is until 31 December 2018.

Tantalus Rare Earths AG
Management Board

Contact

Markus Kivimäki, CEO, Tantalus Rare Earths AG
Tel.: +358 503 495 687
Markus.kivimaki@tre-ag.com

German media contact

rikutis consulting
Falk v. Kriegsheim
Tel.: +49 172 9837109
fvk@rikutis.de



31.08.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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