GoviEx Completes Payment to Toshiba

GoviEx Uranium (TSXV:GXU) reports it has completed the required payment to Toshiba Corporation under the terms of the previously announced termination agreement and mutual release.

The agreement sets out the terms and conditions under which GoviEx and Toshiba have agreed to settle the Tranche B Bond dated April 18, 2012, as amended; terminate the sale and purchase of uranium concentrates agreement dated April 18, 2012, as amended; and provide their mutual release to each other.

GoviEx is currently focused on the exploration and development of uranium properties in Africa. The company’s main sites include, its flagship mine-permitted Madaouela Project in Niger, and its mine-permitted Mutanga Project in Zambia.

As quoted in the press release:

The mutual release is anticipated to be made effective once Toshiba’s offices re-open after the Golden Week national holiday in Japan. The company will make a further confirmatory announcement at that time.

“We believe this transaction represents a significant milestone for GoviEx and a positive result for its shareholders, as GoviEx is now essentially debt free,” said Govind Friedland, executive chairman of GoviEx. “On behalf of the GoviEx board of directors, we thank Toshiba for its close cooperation over the last five years. We look forward to continuing our work to advance GoviEx’s mine-permitted projects in Africa, in cooperation with our host governments, stakeholders and strategic partners.”

Click here to read the full announcement