Galaxy draws down final loan
PERTH (miningweekly.com) – ASX-listed Galaxy Resources has drawn down a further A$15-million in a A$30-million loan facility from Sichuan Tianqi Lithium Industries, as part of the sale of its Jiangsu processing plant, in China.
To date, the miner has drawn down A$30-million from the loan facility while it awaited Chinese approvals for the divestment.
In April this year, Galaxy signed a binding share purchase agreement with China’s Tianqi to divest of its Jiangsu battery-grade lithium carbonate plant in a deal worth $230-million.
Under the terms of the transaction, Galaxy would sell its entire share in Hong Kong subsidiary Galaxy Lithium International, which owns the Jiangsu plant, in exchange for $122-million in cash and Tianqi assuming the entire $108-million of Chinese bank debt owed by Galaxy.
The $30-million facility was being made available prior to the completion of the Jiangsu sale, owing to the longer-than-anticipated time required to obtain the necessary regulatory approvals in China.
The sale of the Jiangsu plant has been targeted for completion by October this year.
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