Tantalus Rare Earths AG secured intermediate funding for its operations
Tantalus 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