Dacha Strategic Metals Sells $5.6 Million of Dysprosium Oxide to Fund Outstanding Payments

Dacha Strategic Metals Inc. has reviewed its existing metals inventories and its rare earth metals business in the future in an effort to provide shareholder value and to pay the $4.85 million that is owed to certain former executives and consultants.

As quoted in the press release:

Dacha has now completed sales of an aggregate of 14,000 kilograms of dysprosium oxide that was previously warehoused in Korea for gross proceeds of approximately U.S. $5.6 million.  The proceeds from these sales will be used, as to Cdn. $4.85 million, to fully pay the Termination Payments prior to March 28, 2013, with the balance being applied towards other payables owing by Dacha and/or for general working capital.  Upon the payment of the said Cdn. $4.85 million to the Former Executives, no further amount will be owed to them by Dacha or its subsidiaries and the security arrangements implemented in connection with the Termination Payments will be fully discharged.

To view the whole press release, click here.