GoviEx completes Toshiba Uranium Loan Settlement

Energy Investing

GoviEx is an uranium exploration and development company currently focused on developing properties in Africa.

GoviEx Uranium Inc. (TSXV: GXU,OTCQB:GVXXF) has announced the conclusion of a termination agreement and mutual release with Toshiba Corporation (TSE:6502), following the completion of the share purchase agreementĀ  between Toshiba and Linkwood Holdings, a condition to concluding the termination agreement.

GoviEx is an uranium exploration and development company currently focused on developing properties in Africa.

As quoted from the press release:

The termination agreement sets out the terms under which GoviEx and Toshiba 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 in accordance with the terms and conditions of the termination agreement.

ā€œOne ofĀ GoviExā€™sĀ primaryĀ objectives is toĀ positionĀ the company for an improvement in the uranium market. TheĀ completion of the termination agreement, whichĀ settlesĀ the uranium loanĀ from Toshiba,Ā has been a key component of that strategy, and this process is now complete,ā€said Govind Friedland, executive chairman. ā€œWeĀ thankĀ ToshibaĀ for theirĀ support over the pastĀ sixĀ yearsĀ and welcome ourĀ newĀ strategicĀ shareholder,Ā Linkwood, whoĀ together with Toshiba and GoviEx,Ā came together toĀ conclude this mutually beneficial transaction.ā€

Click here to read the full press release

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