PERTH (miningweekly.com) – ASX-listed Galaxy Resources resumed share trading on Tuesday, with the company announcing that all conditions precedent to the sale of its Jiangsu plant had been satisfied.
In February, Galaxy revised its sales agreement with China’s Sichuan Tianqi Lithium Industries for the Jiangsu lithium carbonate plant, in China.
The consideration of the sale changed from an enterprise value of $230-million to $173.2-million, with cash payable to Galaxy changing from $122-million to $71.1-million, along with Tianqi assuming Galaxy’s current outstanding Chinese debt of $101.5-million.
Galaxy told shareholders on Tuesday that the two companies would move through the logistics of closing the transaction, including the transfer of funds over the next week.