Galaxy Resources Completes Sale of Lithium Plant to Tianqi

Galaxy Resources (ASX:GXY) has received all cash consideration funds regarding its Jiangsu divestment from Tianqi Lithium Industries.

As quoted in the press release:

After taking into account the offset against the original payment of the deposit and contingent loan monies, Galaxy has a cash position of approximately A$50 million now that these funds from Tianqi have been settled.

In accordance with the amended Share Purchase Agreement as announced on 2 February 2015, Tianqi is responsible for meeting 50% of the running costs at Jiangsu from February 1 2015 through to completion. This final adjustment amount will be reconciled in the coming weeks and upon confirmation, will result in the Company receiving additional funds. The Company will update the market again when these funds have received.

Click here to read the Galaxy Resources (ASX:GXY) press release