GoviEx completes Toshiba Uranium Loan Settlement

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 agreement  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.

“One of GoviEx’s primary objectives is to position the company for an improvement in the uranium market. The completion of the termination agreement, which settles the uranium loan from Toshiba, has been a key component of that strategy, and this process is now complete,”said Govind Friedland, executive chairman. “We thank Toshiba for their support over the past six years and welcome our new strategic shareholder, Linkwood, who together with Toshiba and GoviEx, came together to conclude this mutually beneficial transaction.”

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