Tantalus Rare Earths announced plans to sell 60 percent of its operations to Singapore’s Apphia Minerals for a cash consideration of EU3.7 million. The company will withdraw its application for insolvency following a transfer of EU1.35 million has taken place.
As quoted in the press release:
A first EUR 350.000 tranche of the cash consideration was paid at the signing of the term sheet with Apphia in November 2015 and a second tranche of EUR 1.350.000 will be paid few days after the signing. The remaining EUR 2 million will be paid at the closing of the transaction, estimated to take place in the first quarter of 2016.