JOHANNESBURG (miningweekly.com) – TSX-listed GoviEx Uranium has completed the required payment to Toshiba Corporation under the terms of a previously announced termination agreement.
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; as well as to terminate the sale and purchase of uranium concentrates agreement dated April 18, 2012, as amended; and to provide their mutual release to each other.
The mutual release is anticipated to be made effective once Toshiba’s offices reopen after the Golden Week national holiday period in Japan.
GoviEx 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 GoviEx chairperson Govind Friedland.
“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,” he added.