Korea Republic of : IMC Strategic Agreement announced by Woulfe Mining [TendersInfo (India)]
Daniel92 Al Bawaba Ltd.
Declaration was made by Woulfe Mining Corp, that IMC has received a report from its independent advisors appointed to help in IMC s due diligence of the Sangdong Mine project. In accordance with IMC s on-going due diligence and the project, the parties will continue to work together and discuss the report and the next steps. The parties will have a further 60 days to complete the transaction, unless further extended by mutual agreement, upon satisfactory completion of due diligence by IMC, and subject to the other terms and conditions of the definitive agreements in respect of the transaction.
IMC will acquire a 25% interest in the Company s Korean subsidiary ( Sangdong ) holding the Sangdong project for cash consideration equalling C$35 million, which funds will be used by Sangdong for the development of the mine and processing plant necessary to mine and process tungsten and Molybdenum ores in 2013, , subject to the terms and conditions of the conclusive agreements in respect of the transaction, as previously announced.
Woulfe and IMC will together begin a Korean joint venture company which will build a tungsten refining plant to produce Ammonia Para Tungstate (APT), which joint venture company will be owned 55% by IMC and 45% by Woulfe, subject to the terms and conditions of the conclusive agreements in respect of the transaction, also as previously announced. IMC has agreed to lend to Woulfe C$15.75 million and, to subscribe for C$19.25 million in equity in the joint venture company, all of which will be provided by Woulfe to pay for Woulfe s 45% interest in the joint venture company, and which may be repaid in tungsten concentrate produced by Sangdong.
We have been working closely with IMC s team during this process and look forward to finalizing the arrangements in Korea, said Brian Wesson CEO and President of Woulfe Mining.