Galaxy Revises Transaction Terms for Jiangsu Sale

Galaxy Resources Ltd. (ASX:GXY) announced that it has changed its binding share purchase agreement with Sichuan Tianqi Lithium Industries Inc. (SSE:002466) regarding the sale of the Jiangsu lithium carbonate plant.

As quoted in the press release:

The consideration for the sale has changed from an enterprise value of US$230 million to an enterprise value of US$173.2 million for Galaxy Lithium, with the consideration comprising cash payable to Galaxy changing from US$122 million to US$71.7 million, together with the assumption by Tianqi of the current outstanding US$101.5 million of Chinese bank debt (previously US$108 million) at the Galaxy Jiangsu level.

Click here for the full Galaxy Resources Ltd. (ASX:GXY) press release