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Formation Metals Inc. (TSX:FCO) terminated its sale agreement, announced on June 6, 2013, with Waterton Global Resource Management Inc. for its Sunshine Precious Metals refinery in Idaho.
As quoted in the press release:
Among other things, and as set forth in the Company’s June 6th news release, the Letter Agreement required negotiation of the definitive acquisition agreement and completion of the transaction by June 20, 2013, unless mutually extended, as well as any required regulatory approvals. As also noted, Cormark Securities Inc. has been engaged to provide a fairness opinion on the transaction.
A definitive acquisition agreement was not executed by June 20, 2013 despite Formation’s good faith efforts to complete such an agreement and the parties have not agreed to an extension.
Formation Metals Inc. CEO, Mari-Ann Green, said:
Formation previously determined that the Refinery Assets are no longer required for the development of its flagship Idaho Cobalt Project. As a result, Formation is assessing all of its options to maximize shareholder value. In the meantime, operations at the refinery are continuing.
Click here to read the Formation Metals Inc. (TSX:FCO) press release
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